Reverse Mortgages:the Facts
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Reverse mortgages (sometimes called "home equity conversion loans") enable older homeowners to benefit from their built-up equity without the necessity of selling their home. The lender pays you money determined by the equity you've built-up in your home; you receive a lump sum, a monthly payment or a line of credit. Paying back your loan is not necessary until the borrower sells the property, moves (such as to a care facility) or passes away. After you sell your home or is no longer used as your primary residence, you (or your estate) must repay the lending institution for the cash you received from your reverse mortgage as well as interest among other finance charges.
Are you Eligible?
The requirements of a reverse mortgage often include being sixty-two or older, using the home as your main residence, and having a low balance on your mortgage or owning your home outright.
Reverse mortgages are helpful for retired homeowners or those who are no longer working and have a need to add to their limited income. Social Security and Medicare benefits aren't affected; and the money is nontaxable. Reverse Mortgages may have adjustable or fixed rates. The lender will not take away your property if you outlive your loan nor can you be obligated to sell your residence to repay the loan amount even when the loan balance is determined to exceed property value. Call us at (214) 545-5700 to explore your reverse mortgage options.