Is a Reverse Mortgage for You?

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Reverse mortgages (sometimes called "home equity conversion loans") enable older homeowners to benefit from their built-up equity without having to sell their home. Choosing between a monthly payment amount, a line of credit, or a lump sum, you can receive a loan amount determined by your equity. Repayment isn't required until the homeowner puts his home up for sale, moves (such as to a care facility) or passes away. You or representative of your estate has to repay the reverse mortgage funds, interest , and finance charges after your property is sold, or you no longer live in it.

Who can Participate?

The conditions of a reverse mortgage loan normally include being sixty-two or older, maintaining your house as your main living place, and having a small balance on your mortgage or owning your home outright.

Reverse mortgages are helpful for retired homeowners or those who are no longer bringing home a paycheck but have a need to supplement their income. Social Security and Medicare benefits are not affected; and the money is not taxable. Reverse Mortgages may have adjustable or fixed rates. Your home is never in danger of being taken away by the lender or sold without your consent if you live past your loan term - even if the current property value dips below the balance of the loan. Contact us at 610-565-3600 to look into your reverse mortgage options.

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