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FHA-Now.com is your source for Reverse Mortgages.
DID YOU KNOW? Reverse Mortgages are FHA mortgages! The main difference is instead of monthly payments, the interest on your mortgage accrues on your balance (no more payments).
Contact us below for more information on this outstanding mortgage product.
What are Reverse Mortgages?
Reverse mortgages (also called home equity conversion loans) enable senior homeowners to tap into their equity without selling their home. The lender pays you money based on the equity you've accrued in your home; you receive a lump sum, a monthly payment or a line of credit. Repayment is not necessary until the borrower sells the property, moves into a retirement community or passes away.
When you sell your home or no longer use it as your primary residence, you or your estate must repay the cash you received from the reverse mortgage plus interest and other finance charges to the lender - just like a 'regular' mortgage.
Most reverse mortgages require you be at least 62 years of age, have a low or zero balance owed against your home and maintain the property as your principal residence.
Reverse mortgages are ideal for homeowners who are retired or no longer working and need to supplement their income. Interest rates can be fixed or adjustable and the money is nontaxable and does not interfere with Social Security or Medicare benefits. Your lender cannot take property away if you outlive your loan nor can you be forced to sell your home to pay off your loan even if the loan balance grows to exceed property value.
Contact us below for more information and to receive a DVD to see how a Reverse Mortgage can benefit you. No pressure or obligation.
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