Reverse Mortgages:the Facts

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With a reverse mortgage (also referred to as a a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without having to sell their homes. Choosing between a monthly payment, a line of credit, or a one-time payment, you can get a loan amount determined by your equity. Paying back your loan is not required until after the homeowner sells the home, moves (such as into a care facility) or passes away. You or representative of your estate must pay back the reverse mortgage funds, interest , and finance fees when your house is sold, or you no longer live in it.

Who is Eligible?

The requirements of a reverse mortgage loan generally include being sixty-two or older, maintaining the house as your main living place, and having a low remaining mortgage balance or owning your home outright.

Many homeowners who live on a fixed income and find themselves needing additional funds find reverse mortgages helpful for their circumstance. Social Security and Medicare benefits won't be affected; and the money is not taxable. Reverse Mortgages can have adjustable or fixed rates. The house can never be at risk of being taken away from you by the lender or sold against your will if you live past the loan term - even if the property value dips under the loan balance. Call us at 610-565-3600 if you want to explore the advantages of reverse mortgages.

Curtis Mortgage LLC can walk you through the pitfalls of getting a reverse mortgage. Give us a call: 610-565-3600.