Is a Reverse Mortgage for You?

Shopping for a mortgage? We will be glad to assist you! Call us at 703-288-0777. Ready to get started? Apply Online Now.

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. Choosing between a monthly amount, a line of credit, or a one-time payment, you may receive a loan based on your equity. Paying back your loan isn't required until when the borrower sells the property, moves (such as to a retirement community) or dies. You or representative of your estate is obligated to pay back the reverse mortgage amount, interest , and other finance charges at the time your property is sold, or you no longer live in it.

Who can Participate?

Usually, reverse mortgages are offered to homeowners at least 62 years of age, have a small or zero balance in a mortgage and use the home as your principal living place.

Homeowners who live on a fixed income and need additional money find reverse mortgages helpful for their situation. Interest rates may be fixed or adjustable while the money is nontaxable and doesn't affect Medicare or Social Security benefits. The lending institution cannot take away your residence if you outlive your loan nor can you be forced to sell your home to repay your loan even when the loan balance is determined to exceed current property value. If you would like to learn more about reverse mortgages, please contact us at 703-288-0777.

At Saab Mortgage, we answer questions about reverse mortgages every day. Give us a call: 703-288-0777.

Mortgage Questions?

Do you have a question regarding a mortgage program?

Contact Information
Your Question