Reverse Mortgages:the Facts

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With a reverse mortgage loan (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. The lender gives you funds based on the equity you've accrued in your home; you receive a one-time amount, a payment every month or a line of credit. The borrowed money does not have to be paid back until the borrower sells the residence, moves away, or dies. You or an estate representative is required to pay back the reverse mortgage amount, interest accrued, and other finance fees at the time your home is sold, or you no longer live in it.

Who is Eligible?

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

Reverse mortgages are ideal for homeowners who are retired or no longer working and need to add to their limited income. Rates of interest can be fixed or adjustable and the money is nontaxable and doesn't adversely affect Social Security or Medicare benefits. The house is never in danger of being taken away by the lending institution or sold without your consent if you live longer than your loan term - even if the property value creeps below the balance of the loan. Call us at 800.465.1404.1002 to explore your reverse mortgage options.

At Western Reliance Funding Group, Inc., we answer questions about reverse mortgages every day. Call us: 800.465.1404.1002.