Reverse Mortgages:the Facts

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Reverse mortgages (also referred to as "home equity conversion loans") give older homeowners the ability to use their 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 payment each month or a line of credit. The loan doesn't have to be repaid until the homeowner sells his home, moves away, or passes away. You or representative of your estate has to repay the reverse mortgage funds, interest accrued, and finance fees after your house is sold, or you no longer live in it.

Are you Eligible?

The conditions of a reverse mortgage normally are being sixty-two or older, maintaining the house as your primary living place, and holding a small remaining mortgage balance or owning your home outright.

Many homeowners who live on a limited income and need additional money find reverse mortgages ideal for their circumstance. Social Security and Medicare benefits can't be affected; and the money is nontaxable. Reverse Mortgages can have adjustable or fixed interest rates. The home can never be at risk of being taken away from you by the lending institution or put up for sale against your will if you outlive the loan term - even if the current property value goes under the balance of the loan. If you'd like to find out 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. Give us a call at 610-565-3600.