Is a Reverse Mortgage for You?

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In a reverse mortgage loan (also called a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without having to sell their homes. Deciding how you'd prefer to to receive your money: by a monthly payment amount, a line of credit, or a one-time payment, you can take out a loan based on your equity. The borrowed money doesn't have to be paid back until the homeowner sells his residence, moves out, or passes away. You or an estate representative must pay back the reverse mortgage loan, interest , and other finance fees at the time your property is sold, or you are no longer living in it.

Are you Eligible?

Generally, reverse mortgages require you be at least 62 years old, have a low or zero balance in a mortgage and use the property as your principal residence.

Many homeowners who live on a fixed income and find themselves needing additional money find reverse mortgages ideal for their situation. Rates of interest may be fixed or adjustable and the funds are nontaxable and don't interfere with Medicare or Social Security benefits. Your lender isn't able to take the property away if you live past the loan term nor may you be obligated to sell your residence to pay off your loan amount even if the loan balance is determined to exceed property value. Call us at (941) 954-4252 to discuss your reverse mortgage options.

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