Reverse mortgages (also called home equity conversion loans) enable senior homeowners to eliminate their mortgage payments and tap into their equity without selling their home. The lender pays you money based on the equity you've accrued in your home and you can receive a lump sum, a monthly payment or have access to a line of credit. Repayment is not necessary until the borrower sells the property, moves into a retirement community or passes away. When you sell your home, or no longer use it as your primary residence, you or your estate must then repay the cash you received from the reverse mortgage plus interest to the lender.
Most reverse mortgages require you be at least 62 years of age, have a low balance owed against your home and maintain the property as your principal residence.
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 the property away 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 the property value.
Please feel free to call our office to review all your options in detail. To receive an excellent introduction to reverse mortgages you can order the booklet below. We promise to never sell, share, or communicate your personal information to anyone.
Clay Chadima - Mortgage Consultant 9988 Hibert St. #210 San Diego, CA 92131 P: 858-452-2520 x115 F: 858-764-5485 Email:Clay@SanDiegoHomeFunding.com Loans processed through Touchstone Funding a division of General Mortgage Your San Diego home loan resource at the San Diego Home Funding website
