Is a Reverse Mortgage for You?

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Reverse mortgages (also referred to as "home equity conversion loans") give older homeowners the ability to benefit from their built-up equity without selling their home. The lender pays you money based on the equity you've built-up in your home; you receive a lump sum, a monthly payment or a line of credit. Paying back your loan isn't required until when the homeowner sells the property, moves (such as into a care facility) or passes away. You or representative of your estate has to pay back the reverse mortgage funds, interest accrued, and finance charges at the time your house is sold, or you no longer live in it.

Who can Participate?

Typically, reverse mortgages are appropriate for borrowers who are at least sixty-two years of age, have a low or zero balance in a mortgage and use the house as your main residence.

Many homeowners who are on a fixed income and find themselves needing additional money find reverse mortgages helpful for their situation. Interest rates may be fixed or adjustable and the funds are nontaxable and do not interfere with Medicare or Social Security benefits. The residence is never at risk of being taken away by the lender or put up for sale against your will if you live longer than the loan term - even if the current property value dips below the loan balance. Call us at 877-799-4015 to look into your reverse mortgage options.

Liberty Mortgage Associates Inc. can answer questions about reverse mortgages and many others. Call us: 877-799-4015.