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With a reverse mortgage (sometimes referred to as a a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without selling their homes. Deciding how you'd prefer to be paid: by a monthly amount, a line of credit, or a lump sum, you can get a loan based on your home equity. The borrowed money doesn't have to be repaid until the borrower sells the home, moves away, or passes away. At the time your home sells or is no longer used as your main residence, you (or your estate) are required to pay back the lending institution for the cash you got from the reverse mortgage as well as interest and other finance charges.
Are you Eligible?
The conditions of a reverse mortgage typically are being sixty-two or older, using the property as your main living place, and holding a low remaining mortgage balance or owning your home outright.
Reverse mortgages are advantageous for retired homeowners or those who are no longer working and have a need to add to their fixed income. Social Security and Medicare benefits aren't affected; and the funds are not taxable. Reverse Mortgages may have adjustable or fixed rates. Your home is never in danger of being taken away from you by the lender or sold without your consent if you live past the loan term - even if the property value dips under the balance of the loan. Call us at (209) 357-7000 to look into your reverse mortgage options.
At American Pacific Mortgage, we answer questions about reverse mortgages every day. Call us at (209) 357-7000.