In the market for a mortgage? We can assist you! Give us a call today at (949) 533-5311. Want to get started? Apply Here
In a reverse mortgage (also referred to as a a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without selling their homes. Choosing between a monthly amount, a line of credit, or a lump sum, you may receive a loan based on your home equity. Paying back your loan is not required until after the homeowner sells the property, moves (such as into a care facility) or dies. At the time your home has been sold or is no longer used as your main residence, you (or your estate) are required to pay back the lending institution for the funds you received from your reverse mortgage as well as interest and other fees.
Who is Eligible?
Most reverse mortgages require youto be at least sixty-two years old, have a small or zero balance owed against your home and use the property as your main residence.
Many homeowners who are on a limited income and find themselves needing additional money find reverse mortgages ideal for their situation. Rates of interest can be fixed or adjustable while the money is nontaxable and doesn't adversely affect Social Security or Medicare benefits. The residence will never be in danger of being taken away from you by the lending institution or put up for sale without your consent if you live longer than the loan term - even if the current property value goes under the loan balance. Contact us at (949) 533-5311 if you'd like to explore the advantages of reverse mortgages.
The Ross Fund can answer questions about reverse mortgages and many others. Call us: (949) 533-5311.
Do you have a question regarding a mortgage program?