Is a Reverse Mortgage for You?
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Reverse mortgages (sometimes called "home equity conversion loans") give older homeowners the ability to tap into equity without selling their home. Choosing between a monthly payment amount, a line of credit, or a lump sum, you can take out a loan based on your home equity. Paying back your loan is not necessary until when the borrower puts his home up for sale, moves (such as to a care facility) or dies. You or your estate representative is required to repay the reverse mortgage amount, interest accrued, and other finance fees when your home is sold, or you are no longer living in it.
Are you Eligible?
Most reverse mortgages are appropriate for borrowers who are at least 62 years of age, have a low or zero balance owed against the home and use the home as your principal living place.
Reverse mortgages can be great for homeowners who are retired or no longer bringing home a paycheck but must supplement their fixed income. Social Security and Medicare benefits will not be affected; and the money is not taxable. Reverse Mortgages can have adjustable or fixed rates. The lender isn't able to take away your property if you outlive your loan nor can you be required to sell your residence to repay your loan amount even if the balance is determined to exceed property value. Call us at (314) 395-8300 to discuss your reverse mortgage options.
At Mason Mortgage Advisors, we answer questions about reverse mortgages every day. Call us at (314) 395-8300.
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