Is a Reverse Mortgage for You?

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Reverse mortgages (sometimes called "home equity conversion loans") enable older homeowners to tap into equity without selling their home. Deciding how you would like to to receive your money: by a monthly payment amount, a line of credit, or a one-time payment, you may receive a loan amount determined by your home equity. Repayment isn't necessary until after the homeowner puts his home up for sale, moves (such as to a retirement community) or passes away. You or your estate representative is required to pay back the reverse mortgage funds, interest , and finance fees at the time your property is sold, or you are no longer living in it.

Who can Participate?

The conditions of a reverse mortgage loan typically are being 62 or older, using the home as your main residence, and having a small balance on your mortgage or having paid it off.

Reverse mortgages are helpful for homeowners who are retired or no longer working and need to supplement their fixed income. Rates of interest may be fixed or adjustable and the funds are nontaxable and don't adversely affect Social Security or Medicare benefits. Your lender will not take away your residence if you live past the loan term nor can you be required to sell your residence to pay off the loan even if the balance grows to exceed property value. Call us at (619) 688-0011 to explore your reverse mortgage options.

Mission Home Mortgage can walk you through the pitfalls of getting a reverse mortgage. Call us at (619) 688-0011.

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