Reverse Mortgages

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In a reverse mortgage (also referred to as a a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without selling their homes. Choosing between a monthly payment, a line of credit, or a lump sum, you may get a loan amount determined by your equity. The borrowed money doesn't have to be paid back until the borrower sells his home, moves away, or dies. You or representative of your estate is obligated to repay the reverse mortgage funds, interest accrued, and finance fees at the time your home is sold, or you no longer live in it.

Who can Participate?

Most reverse mortgages require youto be at least sixty-two years old, have a low or zero balance in a mortgage and maintain the property as your main living place.

Reverse mortgages can be helpful for homeowners who are retired or no longer working but need to supplement their fixed income. Social Security and Medicare benefits can't be affected; and the funds are nontaxable. Reverse Mortgages may have adjustable or fixed interest rates. Your lending institution is not able to take away your home if you outlive your loan nor will you be forced to sell your home to pay off your loan even if the loan balance is determined to exceed current property value. Call us at 610-565-3600 if you'd like to explore the benefits of reverse mortgages.

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