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In a reverse mortgage (also called a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without selling their homes. The lender gives you funds determined by your home equity amount; you receive a lump sum, a payment every month or a line of credit. The loan does not have to be paid back until the borrower sells the home, moves out, or passes away. After your house sells or is no longer used as your main residence, you (or your estate) have to pay back the lending institution for the cash you got from the reverse mortgage plus interest among other finance charges.
Are you Eligible?
Most reverse mortgages are available for homeowners at least 62 years of age, have a low or zero balance in a mortgage and maintain the home as your main residence.
Reverse mortgages can be great for retired homeowners or those who are no longer working and need to add to their limited income. Interest rates can be fixed or adjustable and the money is nontaxable and does not interfere with Social Security or Medicare benefits. Your lender can't take the property away if you outlive your loan nor can you be required to sell your home to pay off your loan even when the loan balance is determined to exceed current property value. Contact us at 540-433-6611 if you would like to explore the advantages of reverse mortgages.
Primary Residential Mortgage Inc. can walk you through the pitfalls of getting a reverse mortgage. Give us a call: 540-433-6611.
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