Is a Reverse Mortgage for You?

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With a reverse mortgage loan (sometimes called a home equity conversion loan), borrowers of a certain age may use home equity for anything they need without having to sell their homes. Deciding how you prefer to to receive your funds: by a monthly payment amount, a line of credit, or a lump sum, you can take out a loan based on your home equity. The loan doesn't have to be paid back until the homeowner sells the home, moves out, or passes away. You or representative of your estate has to repay the reverse mortgage amount, interest accrued, and other finance charges after your property is sold, or you can no longer use it as your primary residence.

Are you Eligible?

Most reverse mortgages are available for borrowers who are at least sixty-two years old, have a low or zero balance owed against your home and maintain the house as your main residence.

Homeowners who live on a fixed income and find themselves needing additional funds find reverse mortgages helpful for their situation. Social Security and Medicare benefits aren't affected; and the funds are nontaxable. Reverse Mortgages may have adjustable or fixed rates. The lending institution will not take away your house if you live past the loan term nor will you be made to sell your residence to repay the loan amount even when the balance grows to exceed property value. If you'd like to learn more about reverse mortgages, please contact us at (805) 496-7500.

Strategic Home Loans, Inc. can answer questions about reverse mortgages and many others. Call us at (805) 496-7500.