Is a Reverse Mortgage for You?
Are you looking for a mortgage loan? We'd be thrilled to discuss your mortgage needs! Call us at (408) 540-0200. Ready to begin? Apply Now
In a reverse mortgage loan (sometimes called a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without having to sell their homes. Deciding how you'd like to be paid: by a monthly payment amount, a line of credit, or a one-time payment, you can take out a loan based on your equity. The borrowed money doesn't have to be paid back until the homeowner sells the residence, moves out, or dies. You or representative of your estate must repay the reverse mortgage loan, interest accrued, and other finance charges at the time your house is sold, or you can no longer call it your primary residence.
Who is Eligible?
Typically, reverse mortgages require youto be at least sixty-two years of age, have a low or zero balance owed against the home and use the home as your principal residence.
Homeowners who are on a limited income and find themselves needing additional funds find reverse mortgages ideal for their circumstance. Social Security and Medicare benefits can't be affected; and the funds are not taxable. Reverse Mortgages may have adjustable or fixed rates. Your home will never be in danger 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 property value goes below the balance of the loan. Contact us at (408) 540-0200 to discuss your reverse mortgage options.
First Funding can answer questions about reverse mortgages and many others. Call us at (408) 540-0200.