Reverse Mortgages

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Reverse mortgages (sometimes called "home equity conversion loans") enable older homeowners to use their built-up equity without the necessity of selling their home. Deciding how you'd prefer to to receive your funds: by a monthly amount, a line of credit, or a lump sum, you can receive a loan amount determined by your home equity. Repayment is not required until the homeowner sells the home, moves (such as to a care facility) or dies. You or representative of your estate must pay back the reverse mortgage loan, interest , and other finance charges when your home is sold, or you can no longer use it as your primary residence.

Who is Eligible?

Usually, reverse mortgages are offered to homeowners at least sixty-two years old, have a small or zero balance owed against your home and use the property as your main residence.

Homeowners who are on a fixed income and have a need for additional money find reverse mortgages advantageous for their situation. Social Security and Medicare benefits are not affected; and the money is not taxable. Reverse Mortgages can have adjustable or fixed interest rates. Your lending institution will not take away your home if you outlive your loan nor can you be required to sell your home to repay the loan even when the loan balance grows to exceed current property value. If you'd like to learn more about reverse mortgages, feel free to contact us at 804-262-3514.

At Members Mortgage Solutions, we answer questions about reverse mortgages every day. Call us at 804-262-3514.