Reverse Mortgages

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In a reverse mortgage (sometimes called a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without having to sell their homes. Deciding how you'd like to to receive your money: by a monthly amount, a line of credit, or a lump sum, you can take out a loan based on your equity. The loan doesn't have to be paid back until the borrower sells the residence, moves away, or dies. You or representative of your estate is obligated to repay the reverse mortgage loan, interest accrued, and finance charges when your home is sold, or you are no longer living in it.

Who is Eligible?

The requirements of a reverse mortgage generally include being sixty-two or older, maintaining the property as your main living place, and holding a low remaining mortgage balance or having paid it off.

Reverse mortgages can be helpful for homeowners who are retired or no longer working but need to supplement their income. Social Security and Medicare benefits are not affected; and the funds are nontaxable. Reverse Mortgages can have adjustable or fixed interest rates. Your home is never in danger of being taken away from you by the lender or sold without your consent if you live past your loan term - even if the current property value creeps under the balance of the loan. Contact us at (888) 299-4585 to explore your reverse mortgage options.

Back Bay Funding can answer questions about reverse mortgages and many others. Call us at (888) 299-4585.