Reverse Mortgages

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With a reverse mortgage loan (also 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 prefer to be paid: by a monthly payment amount, a line of credit, or a lump sum, you can take out a loan amount determined by your home equity. The loan does not have to be repaid until the borrower sells the home, moves out, or dies. At the time your home has been sold or you no longer use it as your primary residence, you (or your estate) are required to pay back the lending institution for the cash you got from the reverse mortgage in addition to interest among other fees.

Who can Participate?

Most reverse mortgages are offered to borrowers at least 62 years old, have a low or zero balance owed against your home and maintain the house as your principal living place.

Reverse mortgages can be appropriate for retired homeowners or those who are no longer bringing home a paycheck but have a need to add to their limited income. Interest rates may be fixed or adjustable while the money is nontaxable and doesn't adversely affect Social Security or Medicare benefits. The lending institution is not able to take away your residence if you live past the loan term nor may you be required to sell your residence to repay the loan amount even if the loan balance grows to exceed current property value. If you'd like to find out more about reverse mortgages, feel free to contact us at (805) 496-7500.

Strategic Home Loans, Inc. can walk you through the pitfalls of getting a reverse mortgage. Give us a call at (805) 496-7500.