Reverse Mortgages

Reverse Mortgages

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Reverse mortgages (sometimes referred to as "home equity conversion loans") give older homeowners the ability to tap into built-up equity without having to sell their homes. The lending institution pays you money determined by the equity you've accrued in your home; you get a one-time amount, a payment each month, or a line of credit. The borrowed money does not have to be repaid until the borrower sells his residence, moves away, or dies. You or a representative of your estate must repay the reverse mortgage amount, interest accrued, and other finance charges after your property are sold, or you can no longer use it as your primary residence.

Who is Able to Participate?

The requirements of a reverse mortgage typically include being 62 or older, using the house as your main residence, and having a small remaining mortgage balance or owning your home outright.

​​​​​​​Homeowners who live on a fixed income and need additional funds find reverse mortgages helpful for their situation. Rates of interest may be fixed or adjustable while the money is nontaxable and doesn't adversely affect Social Security or Medicare benefits. The home is never at risk of being taken away by the lending institution or put up for sale against your will if you live past the loan term - even if the current property value creeps below the balance of the loan. Call us at (619) 825-9560if you want to explore the advantages of reverse mortgages.