Is a Reverse Mortgage for You?

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Reverse mortgages (also called "home equity conversion loans") give older homeowners the ability to benefit from their built-up home equity without having to sell their home. Choosing between a monthly payment amount, a line of credit, or a lump sum, you can get a loan amount determined by your home equity. The loan doesn't have to be paid back until the borrower sells his home, moves out, or dies. You or an estate representative must pay back the reverse mortgage funds, interest accrued, and finance charges at the time your property is sold, or you are no longer living in it.

Who is Able to Participate?

Usually, reverse mortgages are offered to homeowners at least sixty-two years of age, have a small or zero balance in a mortgage and maintain the house as your principal living place.

Homeowners who live on a fixed income and find themselves needing additional money find reverse mortgages ideal for their circumstance. Interest rates may be fixed or adjustable while the money is nontaxable and doesn't adversely affect Social Security or Medicare benefits. The house can never be at risk of being taken away from you by the lender or put up for sale without your consent if you live longer than your loan term - even if the property value creeps under the balance of the loan. If you would like to learn more about reverse mortgages, feel free to call us at 7202537070.

Front Range Lending can walk you through the pitfalls of getting a reverse mortgage. Call us at 7202537070.