Is a Reverse Mortgage for You?
Get the facts from a qualified local reverse mortgage originator.
A reverse mortgage may be an effective tool allowing seniors additional cash to convert a portion of their home equity into loan proceeds which could supplement their retirement. However, it is not a decision to be taken lightly. It's important to work with an experienced originator who can help you assess your unique situation to determine if a reverse mortgage is right for you.
With a reverse mortgage loan (sometimes called a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without having to sell their homes. The lender pays you funds determined by your home equity amount; you receive a lump sum, a payment every month or a line of credit. 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 must repay the reverse mortgage funds, interest , and finance fees when your home is sold, or you can no longer use it as your primary residence.
Are you Eligible?
Generally, reverse mortgages require you to be at least sixty-two years old, have a small or zero balance in a mortgage and maintain the home as your principal living place.
Homeowners who live on a limited income and have a need for additional money find reverse mortgages advantageous for their situation. Social Security and Medicare benefits will not be affected; and the money is nontaxable. Reverse Mortgages can have adjustable or fixed interest rates. The lending institution can't take away your property if you live past the loan term nor may you be made to sell your home to repay your loan amount even when the loan balance is determined to exceed property value. If you would like to find out more about reverse mortgages, feel free to contact us at 225 819 7670.
Who can benefit from knowing more about Reverse Mortgages?
At Hancock Mortgage Partners, LLC NMLS# 229844, we answer questions about reverse mortgages every day. Give us a call: 225 819 7670.