Is a Reverse Mortgage for You?

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With a reverse mortgage loan (sometimes called a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without selling their homes. The lender gives you funds based on your home equity amount; you receive a one-time amount, a payment each month or a line of credit. The loan does not have to be paid back until the homeowner sells the home, moves out, or dies. After you sell your property or is no longer used as your main residence, you (or your estate) are required to pay back the lender for the money you obtained from your reverse mortgage in addition to interest among other fees.

Are you Eligible?

The conditions of a reverse mortgage loan normally include being 62 or older, using the property as your main residence, and holding a low balance on your mortgage or owning your home outright.

Many homeowners who live on a fixed income and need additional money find reverse mortgages helpful for their circumstance. Social Security and Medicare benefits aren't affected; and the funds are nontaxable. Reverse Mortgages may have adjustable or fixed interest rates. The lending institution cannot take the property away if you live past the loan term nor will you be forced to sell your residence to repay your loan even if the balance grows to exceed current property value. Contact us at (214) 545-5700 if you want to explore the benefits of reverse mortgages.

Reliant Mortgage Ltd can walk you through the pitfalls of getting a reverse mortgage. Give us a call at (214) 545-5700.