No More House Payments for 62 Years and Older

Reverse mortgages for those 62 years & older. In a reverse mortgage loan, called a home equity conversion loan or HECM, homeowners over the age of 62 may use the equity in their home for living expenses without having to sell their homes. Choosing between a monthly amount, a line of credit, or a one-time payment, you may take out a loan amount determined by the value of your home and how much equity it has in it. The reverse mortgage doesn’t have to be repaid until the borrower sells their home or passes away. You can determine your eligibility for reverse mortgage very easy.

When your home has been sold or is no longer used as your primary residence, you must pay back the reverse mortgage for the money you received from your reverse mortgage as well as interest among other fees.

Are you Eligible for a Reverse Mortgage?

Most reverse mortgages are available for homeowners who are at least sixty-two years of age, have a small or zero balance owed against your home and use the property as your principal residence.

Facts about Reverse Mortgages…

• Must be 62 years of age or older
• Property must be occupied by as your primary residence
• No delinquencies of any Federal debt
• Must complete HECM counseling either in person on online
• New Reverse mortgage loan limit has been raised
• Most of the fees can be added to the HECM loan

Reverse mortgages are perfect for homeowners who are retired or no longer working and need to supplement their other income by not having a monthly mortgage payment. Social Security and Medicare benefits won’t be affected; and the funds are not taxable. Reverse Mortgages can have adjustable or fixed interest rates. Your home is never in danger of being taken away from you by the lender or sold against your will if you live past your loan term – even if the property value dips below the balance of the loan.

Call us at 877-244-9190 if you would like to explore the benefits of reverse mortgages. You can also use a reverse mortgage to purchase a home. We have helped Seniors across the US get approved for a reverse mortgage. Our experience will help guide you thru the process. Use our EZ online reverse mortgage application.

The reverse mortgage team at Mortgage consumer.