Reverse mortgages (sometimes called "home equity conversion loans") enable older homeowners to tap into built-up equity without selling their home. Choosing between a monthly amount, a line of credit, or a one-time payment, you may receive a loan based on your home equity. Repayment isn't necessary until the borrower sells the property, moves (such as into a retirement community) or passes away. You or representative of your estate must pay back the reverse mortgage amount, interest , and other finance charges when your house is sold, or you are no longer living in it.
Usually, reverse mortgages require you be at least sixty-two years old, have a small or zero balance in a mortgage and use the property as your principal living place.
Reverse mortgages are ideal for homeowners who are retired or no longer bringing home a paycheck and must add to their limited income. Social Security and Medicare benefits can't be affected; and the funds are not taxable. Reverse Mortgages can have adjustable or fixed rates. The house is never in danger of being taken away by the lending institution or sold without your consent if you outlive the loan term - even if the current property value dips under the loan balance. Call us at 703-288-0777 to look into your reverse mortgage options.
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