Reverse Mortgages:the Facts

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Reverse mortgages (sometimes referred to as "home equity conversion loans") enable older homeowners to benefit from their built-up equity without selling their home. The lending institution pays you funds based on the equity you've built-up in your home; you receive a lump sum, a monthly payment or a line of credit. Repayment isn't required until when the borrower puts his home up for sale, moves (such as into a care facility) or dies. You or representative of your estate must repay the reverse mortgage amount, interest accrued, and other finance charges after your property is sold, or you are no longer living in it.

Who can Participate?

The conditions of a reverse mortgage loan typically are being sixty-two or older, maintaining your home as your primary residence, and having a small balance on your mortgage or having paid it off.

Reverse mortgages are helpful for retired homeowners or those who are no longer working and need to add to their income. Social Security and Medicare benefits can not be affected; and the funds are not taxable. Reverse Mortgages can have adjustable or fixed interest rates. Your house can never be in danger of being taken away by the lending institution or put up for sale without your consent if you live past the loan term - even if the current property value goes below the balance of the loan. If you would like to find out more about reverse mortgages, please contact us at 918-748-4470.

1st Security Home Mortgage Corp can walk you through the pitfalls of getting a reverse mortgage. Give us a call: 918-748-4470.