Reverse Mortgages

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Reverse mortgages (sometimes referred to as "home equity conversion loans") give older homeowners the ability to benefit from their equity without the necessity of selling their home. The lender pays you funds determined by the equity you've built-up in your home; you receive a lump sum, a payment each month or a line of credit. The loan does not have to be repaid until the borrower sells his home, moves out, or passes away. You or representative of your estate has to repay the reverse mortgage amount, interest , and other finance charges when your home is sold, or you can no longer use it as your primary residence.

Who can Participate?

The requirements of a reverse mortgage normally include being sixty-two or older, maintaining your property as your main residence, and holding a low balance on your mortgage or owning your home outright.

Homeowners who are on a limited income and find themselves needing additional money find reverse mortgages ideal for their situation. Rates of interest may be fixed or adjustable and the money is nontaxable and doesn't affect Medicare or Social Security benefits. The home is never at risk of being taken away by the lending institution or put up for sale without your consent if you live past your loan term - even if the property value dips under the loan balance. Call us at (941) 954-4252 if you would like to explore the advantages of reverse mortgages.

Iltis Lending Group can answer questions about reverse mortgages and many others. Give us a call at (941) 954-4252.