Reverse Mortgages

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With a reverse mortgage loan (sometimes called a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without selling their homes. Deciding how you'd prefer to be paid: by a monthly payment amount, a line of credit, or a one-time payment, you can take out a loan based on your home equity. The borrowed money does not have to be paid back until the homeowner sells his residence, moves out, or passes away. You or representative of your estate must pay back the reverse mortgage amount, interest accrued, and other finance fees when your home is sold, or you are no longer living in it.

Who is Able to Participate?

The conditions of a reverse mortgage loan typically are being sixty-two or older, using the home as your primary residence, and holding a low balance on your mortgage or having paid it off.

Many homeowners who are on a limited income and have a need for additional money find reverse mortgages advantageous for their situation. Rates of interest may be fixed or adjustable while the funds are nontaxable and don't interfere with Medicare or Social Security benefits. The lender can't take the property away if you outlive your loan nor may you be forced to sell your home to repay your loan even if the loan balance grows to exceed property value. If you'd like to learn more about reverse mortgages, please contact us at 818-999-1116.

At Stellar Loans, we answer questions about reverse mortgages every day. Give us a call at 818-999-1116.