Reverse Mortgages

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With a reverse mortgage (also called a home equity conversion loan), borrowers of a certain age may use home equity for anything they need without selling their homes. Deciding how you would prefer to to receive your money: by a monthly payment, a line of credit, or a lump sum, you can take out a loan based on your equity. The borrowed money does not have to be repaid until the borrower sells his home, moves out, or passes away. At the time your house sells or is no longer used as your main residence, you (or your estate) are required to pay back the lending institution for the funds you obtained from your reverse mortgage as well as interest among other finance charges.

Who is Eligible?

Generally, reverse mortgages are available for borrowers who are at least sixty-two years old, have a low or zero balance in a mortgage and maintain the home as your main residence.

Homeowners who live on a fixed income and need additional money find reverse mortgages helpful for their circumstance. Interest rates can be fixed or adjustable and the funds are nontaxable and don't adversely affect Social Security or Medicare benefits. The house is never in danger of being taken away from you by the lender or put up for sale against your will if you outlive your loan term - even if the current property value creeps below the balance of the loan. Call us at (941) 954-4252 if you would like to explore the advantages of reverse mortgages.

At Iltis Lending Group, we answer questions about reverse mortgages every day. Give us a call at (941) 954-4252.