Is a Reverse Mortgage for You?
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With a reverse mortgage (also 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 prefer to to receive your money: by a monthly amount, a line of credit, or a one-time payment, you can receive a loan amount determined by your home equity. Paying back your loan isn't required until the homeowner sells the home, moves (such as to a care facility) or dies. At the time you sell your property or you no longer use it as your primary residence, you (or your estate) are required to pay back the lender for the cash you received from your reverse mortgage as well as interest among other fees.
Who can Participate?
Most reverse mortgages are appropriate for borrowers at least 62 years old, have a low or zero balance in a mortgage and maintain the home as your principal residence.
Many homeowners who are on a fixed income and find themselves needing additional money find reverse mortgages advantageous for their circumstance. Interest rates can be fixed or adjustable and the funds are nontaxable and do not interfere with Social Security or Medicare benefits. The lending institution can't take away your residence if you outlive your loan nor may you be obligated to sell your residence to repay the loan amount even when the balance is determined to exceed property value. Contact us at (720) 633-5799 to look into your reverse mortgage options.