Reverse Mortgages

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In a reverse mortgage loan (also referred to as a a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without having to sell their homes. Choosing between a monthly amount, a line of credit, or a lump sum, you may get a loan based on your home equity. Paying back your loan isn't necessary until when the homeowner sells the property, moves (such as to a retirement community) or dies. When your home has been sold or you no longer use it as your primary residence, you (or your estate) have to repay the lending institution for the money you obtained from the reverse mortgage as well as interest and other finance charges.

Who is Eligible?

Usually, reverse mortgages require you be at least sixty-two years of age, have a small or zero balance in a mortgage and use the home as your principal residence.

Reverse mortgages can be advantageous for homeowners who are retired or no longer working but need to supplement their income. Social Security and Medicare benefits can not be affected; and the funds are nontaxable. Reverse Mortgages may have adjustable or fixed interest rates. The residence is never in danger of being taken away from you by the lender or sold against your will if you live past the loan term - even if the current property value creeps under the loan balance. Call us at 817-732-0130 X25 if you would like to explore the benefits of reverse mortgages.

At Premier Nationwide Lending NMLS#75333, we answer questions about reverse mortgages every day. Call us at 817-732-0130 X25.