Reverse Mortgages

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In 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 be paid: by a monthly payment amount, a line of credit, or a lump sum, you can get a loan amount determined by your home equity. Repayment isn't required until after the borrower puts his home up for sale, moves (such as to a care facility) or passes away. You or your estate representative is obligated to pay back the reverse mortgage amount, interest , and other finance fees after your house is sold, or you are no longer living in it.

Who can Participate?

Typically, reverse mortgages are available for homeowners at least 62 years of age, have a low or zero balance in a mortgage and maintain the home as your principal living place.

Reverse mortgages are ideal for homeowners who are retired or no longer bringing home a paycheck but have a need to add to their income. Interest rates may be fixed or adjustable while the funds are nontaxable and do not affect Medicare or Social Security benefits. Your residence is never in danger of being taken away by the lending institution or sold without your consent if you live longer than the loan term - even if the property value goes below the loan balance. Call us at (805) 496-7500 if you would like to explore the advantages of reverse mortgages.

At Strategic Home Loans, Inc., we answer questions about reverse mortgages every day. Give us a call: (805) 496-7500.