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Reverse mortgages (also called "home equity conversion loans") enable older homeowners to tap into equity without having to sell their home. Deciding how you prefer to to receive your funds: by a monthly payment amount, a line of credit, or a lump sum, you may receive a loan based on your home equity. The borrowed money does not have to be repaid until the borrower sells his home, moves out, or dies. You or your estate representative must pay back the reverse mortgage loan, interest accrued, and finance fees after your property is sold, or you are no longer living in it.
Who is Eligible?
The conditions of a reverse mortgage normally include being sixty-two or older, using the property as your main residence, and having a small balance on your mortgage or having paid it off.
Reverse mortgages can be advantageous for homeowners who are retired or no longer working and have a need to add to their income. Social Security and Medicare benefits are not affected; and the funds are not taxable. Reverse Mortgages can have adjustable or fixed interest rates. Your lender can't take the property away if you live past the loan term nor will you be forced to sell your residence to repay your loan amount even when the balance is determined to exceed current property value. Contact us at (520)820-1332 to discuss your reverse mortgage options.