Is a Reverse Mortgage for You?

In the market for a mortgage loan? We will be glad to assist you! Call us at (800) 299-0270. Ready to begin? Apply Now.

Reverse mortgages (also called "home equity conversion loans") give older homeowners the ability to benefit from their equity without selling their home. Deciding how you would prefer to to receive your funds: by a monthly amount, a line of credit, or a lump sum, you can take out a loan based on your home equity. The borrowed money does not have to be repaid until the borrower sells the home, moves away, or passes away. You or representative of your estate has to pay back the reverse mortgage loan, interest , and finance fees at the time your house is sold, or you are no longer living in it.

Who can Participate?

Generally, reverse mortgages are appropriate for homeowners at least sixty-two years old, have a small or zero balance owed against the home and use the house as your main living place.

Reverse mortgages can be ideal for retired homeowners or those who are no longer bringing home a paycheck but have a need to supplement their income. Social Security and Medicare benefits won't be affected; and the funds are not taxable. Reverse Mortgages can have adjustable or fixed rates. Your residence is never at risk of being taken away from you by the lender or put up for sale against your will if you live past the loan term - even if the current property value creeps under the loan balance. Contact us at (800) 299-0270 if you would like to explore the advantages of reverse mortgages.

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