Reverse Mortgages:the Facts

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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 selling their homes. Choosing between a monthly amount, a line of credit, or a lump sum, you may get a loan based on your home equity. The borrowed money doesn't have to be repaid until the borrower sells the residence, moves out, or dies. You or representative of your estate must repay the reverse mortgage loan, interest , and other finance charges after your home is sold, or you can no longer call it your primary residence.

Who is Eligible?

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

Reverse mortgages are helpful for homeowners who are retired or no longer bringing home a paycheck and have a need to supplement their income. Interest rates can be fixed or adjustable while the money is nontaxable and does not adversely affect Social Security or Medicare 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 live longer than your loan term - even if the current property value dips under the loan balance. Contact us at (941) 954-4252 to look into your reverse mortgage options.

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