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 Reverse Mortgages
Reverse mortgages (also called equity conversion loans) enable homeowners above age 62 to tap into their equity without selling their home.
Based on your homes value you can qualify to eliminate your monthly payments and possibly have the lender pay you tax free monthly income.
This new loan is based on the equity accrued in your home. You or your parents can receive a lump sum, a set monthly payment, or a line of credit. When you sell your home or no longer use it as your primary residence you must repay the balance, or your estate settles balance plus interest.
This loan is a great option for seniors to keep their home despite a tight budget.
Most reverse mortgages require you be at least 62 years of age with a less than 60% loan balance owed against your home's value, maintain the property and pay the property taxes and insurance.
Reverse mortgages are ideal for homeowners who are retired or no longer working who need to improve their income. Interest rates and terms can vary so please contact us for a free review and written quote. Just click the button on the right or call us at 813-254-4000.
This new income should be nontaxable and should not interfere with Social Security or Medicare benefits. The lender cannot take property away if you outlive your loan, you cannot be forced to sell your home to pay off your loan even if the loan balance grows to exceed property value. Contact us now for a free consultation and we will provide you and your chosen family members with all the no obligation details.
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Today's Rates:
| 30-yr Fixed | 4.97% | 5.13% | | 15-yr Fixed | 4.33% | 4.56% | | 1-yr Adj | 4.27% | 5.3% |
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