Reverse Mortgages

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With a reverse mortgage (also referred to as a a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without selling their homes. The lending institution pays out funds based on your home equity amount; you receive a one-time amount, a payment each month or a line of credit. Repayment isn't required until after the borrower puts his home up for sale, moves (such as to a care facility) or dies. You or an estate representative has to repay the reverse mortgage amount, interest accrued, and other finance charges when your house is sold, or you can no longer use it as your primary residence.

Who is Eligible?

Usually, reverse mortgages require you be at least 62 years old, have a low or zero balance owed against the home and maintain the house as your main residence.

Homeowners who live on a limited income and have a need for additional money find reverse mortgages ideal for their situation. Rates of interest may be fixed or adjustable while the funds are nontaxable and do not interfere with Medicare or Social Security benefits. The house is never at risk of being taken away from you by the lending institution or sold without your consent if you outlive the loan term - even if the current property value goes below the loan balance. Call us at 732-643-0200 to explore your reverse mortgage options.

America's First Funding Group can answer questions about reverse mortgages and many others. Call us: 732-643-0200.