With a reverse mortgage loan (sometimes called a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without having to sell their homes. Choosing between a monthly payment, a line of credit, or a one-time payment, you may take out a loan based on your equity. The borrowed money does not have to be paid back until the borrower sells the home, moves away, or passes away. After you sell your property or you no longer use it as your primary residence, you (or your estate) have to repay the lender for the cash you got from your reverse mortgage as well as interest among other fees.
Typically, reverse mortgages require youto be at least 62 years of age, have a small or zero balance owed against your home and use the house as your principal residence.
Many homeowners who are on a limited income and have a need for additional money find reverse mortgages ideal for their circumstance. Social Security and Medicare benefits aren't affected; and the funds are nontaxable. Reverse Mortgages can have adjustable or fixed interest rates. The house will never be in danger of being taken away by the lender or sold without your consent if you outlive the loan term - even if the current property value goes under the balance of the loan. Contact us at 9736012122 to look into your reverse mortgage options.
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