Is a Reverse Mortgage for You?

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Reverse mortgages (sometimes called "home equity conversion loans") give older homeowners the ability to benefit from their home equity without selling their home. Choosing between a monthly amount, a line of credit, or a one-time payment, you may take out a loan based on your equity. The loan doesn't have to be paid back until the borrower sells the residence, moves away, or dies. You or representative of your estate must repay the reverse mortgage loan, interest , and other finance charges when your property is sold, or you no longer live in it.

Who is Able to Participate?

Typically, reverse mortgages are appropriate for homeowners at least 62 years of age, have a low or zero balance owed against the home and maintain the home as your principal residence.

Many homeowners who live on a limited income and find themselves needing additional funds find reverse mortgages helpful for their circumstance. Interest rates may be fixed or adjustable while the money is nontaxable and does not affect Medicare or Social Security benefits. Your house is never at risk of being taken away by the lender or sold against your will if you live longer than your loan term - even if the current property value dips under the balance of the loan. Call us at (941) 954-4252 if you'd like to explore the advantages of reverse mortgages.

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