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With a reverse mortgage (also referred to as a a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without having to sell their homes. Deciding how you'd prefer to be paid: by a monthly payment amount, a line of credit, or a one-time payment, you can get a loan based on your home equity. Paying back your loan isn't required until the time the borrower sells the home, moves (such as into a care facility) or passes away. After your house sells or you no longer use it as your main residence, you (or your estate) must pay back the lender for the cash you got from the reverse mortgage as well as interest among other finance charges.
Who is Able to Participate?
Most reverse mortgages require you be at least 62 years of age, have a small or zero balance owed against the home and use the property as your principal living place.
Homeowners who are on a fixed income and find themselves needing additional funds find reverse mortgages helpful for their circumstance. Social Security and Medicare benefits can't be affected; and the funds are nontaxable. Reverse Mortgages may have adjustable or fixed interest rates. Your residence can never be at risk of being taken away by the lender or put up for sale without your consent if you live past the loan term - even if the current property value creeps under the loan balance. If you'd like to learn more about reverse mortgages, please contact us at (512) 537-8000.
At Nations Reliable Lending, LLC, we answer questions about reverse mortgages every day. Give us a call at (512) 537-8000.