Reverse Mortgages

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In 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. Choosing between a monthly payment, a line of credit, or a one-time payment, you may receive a loan based on your home equity. Paying back your loan isn't required until after the borrower sells the home, moves (such as into a care facility) or dies. You or an estate representative is required to repay the reverse mortgage loan, interest , and finance fees after your house is sold, or you can no longer call it your primary residence.

Are you Eligible?

Usually, reverse mortgages require you be at least sixty-two years old, have a low or zero balance in a mortgage and use the home as your main residence.

Reverse mortgages are advantageous for retired homeowners or those who are no longer working but have a need to add to their income. Social Security and Medicare benefits aren't affected; and the money is nontaxable. Reverse Mortgages may have adjustable or fixed interest rates. The home is never in danger of being taken away from you by the lending institution or sold without your consent if you outlive your loan term - even if the property value creeps under the balance of the loan. If you would like to learn more about reverse mortgages, please contact us at (800) 299-0270.

At Back Bay Funding, we answer questions about reverse mortgages every day. Give us a call: (800) 299-0270.