Reverse mortgages (also called "home equity conversion loans") enable older homeowners to use their built-up home equity without the necessity of selling their home. The lending institution gives you funds based on your home equity amount; you receive a one-time amount, a monthly payment or a line of credit. The loan does not have to be repaid until the borrower sells his residence, moves out, or passes away. You or your estate representative is obligated to pay back the reverse mortgage loan, interest , and other finance charges when your property is sold, or you can no longer call it your primary residence.
The conditions of a reverse mortgage loan normally are being 62 or older, maintaining your property as your primary living place, and holding a small remaining mortgage balance or having paid it off.
Reverse mortgages are great for homeowners who are retired or no longer working and need to supplement their income. Rates of interest may be fixed or adjustable while the funds are nontaxable and don't interfere with Social Security or Medicare benefits. The lender cannot take away your home if you outlive your loan nor can you be required to sell your residence to pay off your loan amount even when the balance is determined to exceed property value. If you would like to find out more about reverse mortgages, please call us at (773) 774-9040 Ext 121.
Please provide some general information that is needed in order to provide you with a Reverse Mortgage Quote