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Reverse mortgages (also referred to as "home equity conversion loans") give older homeowners the ability to benefit from their built-up equity without selling their home. Choosing between a monthly payment, a line of credit, or a one-time payment, you may take out a loan based on your home equity. Paying back your loan isn't required until the borrower puts his home up for sale, moves (such as to a retirement community) or dies. When you sell your home or is no longer used as your primary residence, you (or your estate) have to repay the lender for the funds you obtained from the reverse mortgage plus interest and other finance charges.
Are you Eligible?
Usually, reverse mortgages are available for homeowners at least 62 years of age, have a small or zero balance in a mortgage and use the property as your main residence.
Homeowners who live on a limited income and need additional money find reverse mortgages advantageous for their situation. Social Security and Medicare benefits can't be affected; and the funds are not taxable. Reverse Mortgages may have adjustable or fixed rates. Your residence can never be in danger of being taken away by the lending institution or put up for sale without your consent if you live longer than the loan term - even if the property value goes under the loan balance. If you'd like to learn more about reverse mortgages, feel free to call us at 731-925-9959.
Fortune Financial Corporation can answer questions about reverse mortgages and many others. Give us a call: 731-925-9959.