Reverse Mortgages:the Facts

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With a reverse mortgage loan (also referred to as a a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without having to sell their homes. Deciding how you would like to be paid: by a monthly amount, a line of credit, or a one-time payment, you can get a loan based on your equity. The borrowed money does not have to be repaid until the homeowner sells his home, moves out, or dies. At the time you sell your property or you no longer use it as your main residence, you (or your estate) have to repay the lender for the cash you got from the reverse mortgage as well as interest among other finance charges.

Are you Eligible?

The requirements of a reverse mortgage typically are being sixty-two or older, using the home as your main living place, and having a small balance on your mortgage or owning your home outright.

Reverse mortgages are appropriate for homeowners who are retired or no longer working but need to add to their limited income. Rates of interest can be fixed or adjustable while the funds are nontaxable and do not adversely affect Social Security or Medicare benefits. Your house can never be at risk of being taken away from you by the lender or put up for sale without your consent if you live past your loan term - even if the property value dips under the loan balance. Contact us at (888) 299-4585 to explore your reverse mortgage options.

Back Bay Funding can walk you through the pitfalls of getting a reverse mortgage. Give us a call at (888) 299-4585.