Reverse mortgages (sometimes referred to as "home equity conversion loans") give older homeowners the ability to use their equity without selling their home. The lending institution gives you money based on your home equity amount; you get a lump sum, a monthly payment or a line of credit.
Paying back your loan is not necessary until the time the you put your home up for sale, move (such as into a care facility) or passes-on.
You or the representative of your estate must repay the reverse mortgage funds, interest accrued, and other finance charges at the time your house is sold, or you are no longer living in it.
Are You Eligible?
Generally, reverse mortgages are offered to borrowers at least 62 years of age, who have a small or zero balance owed against the home and use the home as their primary residence.
Many homeowners who are on a fixed income and find themselves needing additional money discover that reverse mortgages are very advantageous for their situation.
Interest rates may be fixed or adjustable and the money is non-taxable and does not affect Social Security or Medicare benefits. The house is never in danger of being taken away from you by the lender or put up for sale without your consent if you live longer than the loan term - even if the current property value creeps under the balance of the loan.
Just a few facts on reverse mortgages.
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