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 Reverse Mortgages
Reverse mortgages (also called home equity conversion loans) enable homeowners at least 62 years of age, 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 permanently leaves the property by selling the property, moving into a retirement community or passing away. When you 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.
Most reverse mortgages require the property to be your principal residence. The loan amount available is determined by the age of the borrower, the location of the property and the balance of any other liens already in place.
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 your property away even 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.
MIF Services. Inc. is an approved Reverse Mortgage Broker. Call today for details on how we can get you the cash you need.
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