Reverse Mortgages:the Facts

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Reverse mortgages (sometimes called "home equity conversion loans") enable older homeowners to benefit from their home equity without the necessity of selling their home. Choosing between a monthly amount, a line of credit, or a one-time payment, you can take out a loan based on your equity. The borrowed money doesn't have to be repaid until the homeowner sells the home, moves out, or passes away. You or representative of your estate has to repay the reverse mortgage amount, interest accrued, and other finance charges at the time your home is sold, or you can no longer call it your primary residence.

Are you Eligible?

The conditions of a reverse mortgage loan often include being 62 or older, maintaining the property as your primary residence, and holding a low balance on your mortgage or owning your home outright.

Reverse mortgages can be appropriate for homeowners who are retired or no longer working and need to supplement their fixed income. Social Security and Medicare benefits can't be affected; and the money is nontaxable. Reverse Mortgages may have adjustable or fixed rates. The house will never be at risk of being taken away by the lending institution or sold without your consent if you live longer than your loan term - even if the property value dips under the loan balance. If you would like to learn more about reverse mortgages, feel free to call us at 610-565-3600.

At Curtis Mortgage LLC, we answer questions about reverse mortgages every day. Call us at 610-565-3600.