Is a Reverse Mortgage for You?

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With a reverse mortgage (also referred to as a a home equity conversion loan), borrowers of a certain age may use home equity for anything they need without having to sell their homes. Deciding how you would prefer to be paid: by a monthly payment, a line of credit, or a one-time payment, you may receive a loan amount determined by your equity. The borrowed money doesn't have to be repaid until the homeowner sells the residence, moves away, or dies. You or an estate representative must repay 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?

Usually, reverse mortgages are appropriate for homeowners at least 62 years of age, have a small or zero balance in a mortgage and use the house as your main residence.

Reverse mortgages can be appropriate for homeowners who are retired or no longer bringing home a paycheck and must supplement their income. Social Security and Medicare benefits are not affected; and the funds are nontaxable. Reverse Mortgages can have adjustable or fixed interest rates. The lender cannot take the property away if you outlive your loan nor may you be required to sell your residence to repay the loan even when the balance is determined to exceed current property value. If you'd like to learn more about reverse mortgages, feel free to call us at (941) 954-4252.

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