Reverse Mortgages:the Facts

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Reverse mortgages (sometimes called "home equity conversion loans") give older homeowners the ability to benefit from their built-up home equity without having to sell their home. The lending institution pays out funds determined by the equity you've accrued in your home; you receive a one-time amount, a payment every month or a line of credit. The borrowed money does not have to be paid back until the borrower sells the residence, moves out, or dies. When your home sells or is no longer used as your main residence, you (or your estate) must pay back the lender for the funds you received from your reverse mortgage plus interest and other finance charges.

Who is Able to Participate?

The conditions of a reverse mortgage often include being sixty-two or older, maintaining the house as your primary residence, and having a low remaining mortgage balance or owning your home outright.

Many homeowners who are on a fixed income and have a need for additional money find reverse mortgages helpful for their circumstance. Social Security and Medicare benefits are not affected; and the money is nontaxable. Reverse Mortgages can have adjustable or fixed interest rates. Your residence is never in danger of being taken away by the lender or sold without your consent if you outlive the loan term - even if the property value goes below the balance of the loan. If you would like to learn more about reverse mortgages, feel free to call us at (303) 779-0591 x101.

Summit Home Mortgage, Inc can answer questions about reverse mortgages and many others. Give us a call at (303) 779-0591 x101.