In a reverse mortgage (sometimes referred to as a a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without having to sell their homes. The lender pays you money based on your home equity amount; you get a one-time amount, a monthly payment or a line of credit. The borrowed money doesn't have to be repaid until the borrower sells his home, moves away, or dies. After your home sells or is no longer used as your primary residence, you (or your estate) must repay the lending institution for the money you received from the reverse mortgage plus interest among other finance charges.
Most reverse mortgages require youto be at least 62 years of age, have a low or zero balance owed against your home and maintain the house as your main residence.
Reverse mortgages can be great for homeowners who are retired or no longer bringing home a paycheck and need to supplement their fixed income. Social Security and Medicare benefits aren't affected; and the money is not taxable. Reverse Mortgages can have adjustable or fixed interest rates. Your home is never in danger of being taken away from you by the lending institution or put up for sale without your consent if you outlive the loan term - even if the current property value goes below the balance of the loan. Contact us at (773) 774-9040 Ext 121 to discuss your reverse mortgage options.
Please provide some general information that is needed in order to provide you with a Reverse Mortgage Quote