Is a Reverse Mortgage for You?

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Reverse mortgages (also referred to as "home equity conversion loans") enable older homeowners to benefit from their equity without the necessity of selling their home. The lender pays you funds determined by the equity you've accrued in your home; you get a one-time amount, a monthly payment or a line of credit. The borrowed money does not have to be paid back until the borrower sells the home, moves out, or passes away. You or representative of your estate is obligated to repay the reverse mortgage amount, interest , and finance charges at the time your house is sold, or you are no longer living in it.

Who is Eligible?

The requirements of a reverse mortgage loan normally include being 62 or older, maintaining the property as your main living place, and holding a low balance on your mortgage or owning your home outright.

Reverse mortgages are helpful for homeowners who are retired or no longer working and need to supplement their limited income. Rates of interest can be fixed or adjustable and the funds are nontaxable and don't adversely affect Medicare or Social Security benefits. Your lending institution cannot take away your house if you live past the loan term nor can you be obligated to sell your home to repay your loan amount even if the loan balance is determined to exceed property value. If you would like to find out more about reverse mortgages, feel free to contact us at 714-891-0266.

At Excalibur Mortgage Corporation, we answer questions about reverse mortgages every day. Call us at 714-891-0266.