Reverse Mortgages:the Facts

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Reverse mortgages (also called "home equity conversion loans") enable older homeowners to benefit from their built-up home equity without the necessity of selling their home. Deciding how you prefer to to receive your money: by a monthly payment amount, a line of credit, or a lump sum, you may get a loan based on your equity. Repayment isn't required until when the homeowner sells the home, moves (such as into a care facility) or dies. At the time you sell your property or is no longer used as your main residence, you (or your estate) must pay back the lender for the cash you received from your reverse mortgage as well as interest among other fees.

Who is Able to Participate?

Most reverse mortgages require you be at least 62 years of age, have a low or zero balance in a mortgage and use the home as your principal living place.

Reverse mortgages are appropriate for homeowners who are retired or no longer bringing home a paycheck and must add to their income. Rates of interest can be fixed or adjustable and the funds are nontaxable and do not adversely affect Medicare or Social Security benefits. The home can never be in danger of being taken away from you by the lending institution or put up for sale without your consent if you live longer than the loan term - even if the current property value dips under the loan balance. Call us at (888) 299-4585 to look into your reverse mortgage options.

At Back Bay Funding, we answer questions about reverse mortgages every day. Give us a call at (888) 299-4585.