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With a reverse mortgage (also called a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without selling their homes. Choosing between a monthly amount, a line of credit, or a lump sum, you may get a loan amount determined by your home equity. The loan doesn't have to be paid back until the homeowner sells his residence, moves out, or dies. You or representative of your estate is required to repay the reverse mortgage funds, interest , and other finance charges when your home is sold, or you no longer live in it.
Who can Participate?
Usually, reverse mortgages require you be at least sixty-two years old, have a small or zero balance in a mortgage and use the property as your principal residence.
Reverse mortgages are appropriate for retired homeowners or those who are no longer working and need to supplement their income. Rates of interest can be fixed or adjustable and the money is nontaxable and doesn't interfere with Medicare or Social Security benefits. Your residence is never in danger of being taken away from you by the lender or sold against your will if you live longer than your loan term - even if the current property value goes below the balance of the loan. Call us at (256) 734-6012 to discuss your reverse mortgage options.
Willow Bend Mortgage can answer questions about reverse mortgages and many others. Call us at (256) 734-6012.