Reverse Mortgages

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Reverse mortgages (sometimes called "home equity conversion loans") give older homeowners the ability to tap into built-up equity without having to sell their home. Choosing between a monthly payment amount, a line of credit, or a lump sum, you can take out a loan amount determined by your home equity. The borrowed money does not have to be repaid until the homeowner sells the home, moves out, or passes away. You or representative of your estate has to pay back the reverse mortgage amount, interest , and finance fees at the time your home is sold, or you no longer live in it.

Are you Eligible?

Typically, reverse mortgages are available for homeowners at least sixty-two years of age, have a low or zero balance in a mortgage and maintain the home as your principal living place.

Many homeowners who are on a fixed income and have a need for additional money find reverse mortgages advantageous for their situation. Rates of interest can be fixed or adjustable while the money is nontaxable and doesn't affect Medicare or Social Security benefits. Your lending institution can't take away your home if you live past the loan term nor can you be required to sell your home to repay the loan amount even when the loan balance grows to exceed current property value. If you would like to learn more about reverse mortgages, please contact us at 877-696-4687.

House Loans Mortgage Services Corp can answer questions about reverse mortgages and many others. Give us a call at 877-696-4687.