Reverse Mortgages

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With a reverse mortgage (sometimes called a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without selling their homes. The lender gives you money based on your home equity amount; you get a one-time amount, a monthly payment or a line of credit. Paying back your loan is not necessary until after the homeowner puts his home up for sale, moves (such as into a retirement community) or dies. You or your estate representative must pay back the reverse mortgage funds, interest accrued, and finance charges after your property is sold, or you can no longer call it your primary residence.

Who is Eligible?

The requirements of a reverse mortgage typically are being 62 or older, maintaining your house as your main residence, and having a low remaining mortgage balance or having paid it off.

Homeowners who live on a limited income and need additional money find reverse mortgages helpful for their situation. Rates of interest can be fixed or adjustable while the money is nontaxable and doesn't interfere with Medicare or Social Security benefits. Your lending institution cannot take away your residence if you live past the loan term nor can you be obligated to sell your residence to pay off the loan even when the balance is determined to exceed current property value. If you would like to learn more about reverse mortgages, please call us at 7202537070.

At Front Range Lending, we answer questions about reverse mortgages every day. Call us: 7202537070.