Is a Reverse Mortgage for You?

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With a reverse mortgage (sometimes referred to as a a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without having to sell their homes. The lending institution pays you funds determined by the equity you've accrued in your home; you receive a lump sum, a payment every month or a line of credit. The borrowed money does not have to be repaid until the homeowner sells his home, moves away, or passes away. You or representative of your estate must pay back the reverse mortgage amount, interest accrued, and finance charges after your house is sold, or you can no longer use it as your primary residence.

Are you Eligible?

The requirements of a reverse mortgage usually include being 62 or older, using the house as your main residence, and holding a small balance on your mortgage or having paid it off.

Reverse mortgages are appropriate for retired homeowners or those who are no longer bringing home a paycheck but must supplement their limited income. Rates of interest may be fixed or adjustable and the funds are nontaxable and do not affect Medicare or Social Security benefits. Your house will never be in danger of being taken away by the lender or put up for sale without your consent if you live longer than your loan term - even if the current property value goes below the loan balance. If you would like to find out more about reverse mortgages, feel free to contact us at 303-871-8731.

The Mortgage Network can answer questions about reverse mortgages and many others. Call us at 303-871-8731.