Reverse Mortgages:the Facts

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With a reverse mortgage loan (sometimes called a home equity conversion loan), borrowers of a certain age may use home equity for anything they need without selling their homes. The lending institution pays out money determined by your home equity amount; you get a one-time amount, a payment each month or a line of credit. The loan does not have to be repaid until the homeowner sells the home, moves out, or dies. When you sell your home or you no longer use it as your primary residence, you (or your estate) are required to repay the lender for the funds you obtained from your reverse mortgage as well as interest and other finance charges.

Are you Eligible?

Most reverse mortgages require youto be at least sixty-two years of age, have a small or zero balance in a mortgage and maintain the house as your principal residence.

Many homeowners who are on a limited income and find themselves needing additional money find reverse mortgages advantageous for their situation. Social Security and Medicare benefits are not affected; and the funds are nontaxable. Reverse Mortgages may have adjustable or fixed rates. The residence will never be in danger of being taken away from you by the lending institution or sold against your will if you outlive the loan term - even if the current property value creeps below the balance of the loan. Call us at 203 975 8552 to explore your reverse mortgage options.

Capital Faith Financial Services LLC. can walk you through the pitfalls of getting a reverse mortgage. Call us: 203 975 8552.