Is a Reverse Mortgage for You?
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In a reverse mortgage (also referred to as a a home equity conversion loan), borrowers of a certain age may use home equity for anything they need without having to sell their homes. The lending institution pays you money based on the equity you've built-up in your home; you get a one-time amount, a monthly payment or a line of credit. The borrowed money doesn't have to be repaid until the borrower sells his home, moves out, or dies. At the time your home sells or you no longer use it as your primary residence, you (or your estate) have to repay the lender for the funds you received from the reverse mortgage as well as interest and other fees.
Are you Eligible?
Usually, reverse mortgages are appropriate for homeowners who are at least 62 years old, have a low or zero balance owed against the home and use the property as your main living place.
Reverse mortgages can be ideal for retired homeowners or those who are no longer working and must add to their limited income. Rates of interest may be fixed or adjustable while the funds are nontaxable and don't adversely affect Social Security or Medicare benefits. The lender cannot take away your home if you outlive your loan nor can you be obligated to sell your home to pay off the loan amount even if the balance grows to exceed current property value. If you'd like to find out more about reverse mortgages, please call us at 630-333-1800.
USA Mortgage Corp can walk you through the pitfalls of getting a reverse mortgage. Give us a call at 630-333-1800.
Social Security or Medicare benefits. Your lender cannot take property away if you outlive your loan nor can you be forced to sell your home to pay off your loan even if the loan balance grows to exceed property value. Yes, this means the homeowner can live in the house for the rest of their life without a mortgage payment, forever. Your USA Mortgage Corp represenative can answer any questions you may have.