Reverse Mortgages

In the market for a mortgage loan? We'll be glad to answer your questions about our mortgage offerings! Give us a call at (941) 954-4252. Ready to begin? Apply Now.

With a reverse mortgage (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. The lender gives you money determined by the equity you've accrued in your home; you get a one-time amount, a monthly payment or a line of credit. Paying back your loan is not required until when the borrower puts his home up for sale, moves (such as into a retirement community) or passes away. You or representative of your estate is required to repay the reverse mortgage loan, interest , and other finance fees when your house is sold, or you can no longer call it your primary residence.

Are you Eligible?

Generally, reverse mortgages require you be at least sixty-two years of age, have a small or zero balance owed against your home and maintain the house as your main living place.

Homeowners who live on a limited income and need additional funds find reverse mortgages helpful for their circumstance. Rates of interest may be fixed or adjustable and the funds are nontaxable and don't adversely affect Medicare or Social Security benefits. The home is never at risk of being taken away from you by the lending institution or put up for sale against your will if you outlive your loan term - even if the current property value creeps under the balance of the loan. Call us at (941) 954-4252 if you'd like to explore the benefits of reverse mortgages.

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