Is a Reverse Mortgage for You?

Shopping for a mortgage? We can help! Call us at (941) 954-4252. Ready to begin? Apply Here.

With a reverse mortgage (sometimes called a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without selling their homes. Choosing between a monthly payment, a line of credit, or a lump sum, you may receive a loan amount determined by your equity. The loan doesn't have to be repaid until the homeowner sells his home, moves out, or dies. You or representative of your estate is obligated to repay the reverse mortgage loan, interest , and other finance fees at the time your property is sold, or you can no longer use it as your primary residence.

Are you Eligible?

Generally, reverse mortgages require youto be at least sixty-two years old, have a low or zero balance in a mortgage and maintain the home as your principal residence.

Reverse mortgages are appropriate for retired homeowners or those who are no longer bringing home a paycheck but must add to their fixed income. Rates of interest can be fixed or adjustable and the money is nontaxable and does not adversely affect Medicare or Social Security benefits. Your lending institution can't take away your property if you live past the loan term nor will you be required to sell your home to pay off your loan even if the balance is determined to exceed current property value. Contact us at (941) 954-4252 to look into your reverse mortgage options.

Iltis Lending Group can walk you through the pitfalls of getting a reverse mortgage. Give us a call at (941) 954-4252.