Reverse Mortgages:the Facts

Shopping for a mortgage loan? We'll be glad to talk about our many mortgage solutions! Give us a call at (303) 931-7879. Ready to begin? Apply Here.

With a reverse mortgage (also referred to as a a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without having to sell their homes. Deciding how you would prefer to to receive your money: by a monthly payment amount, a line of credit, or a one-time payment, you may take out a loan based on your equity. Paying back your loan is not required until after the homeowner sells the home, moves (such as to a care facility) or passes away. You or representative of your estate is obligated to repay the reverse mortgage amount, interest , and other finance fees at the time your house is sold, or you can no longer call it your primary residence.

Who is Eligible?

Usually, reverse mortgages are offered to borrowers who are at least sixty-two years old, have a small or zero balance owed against your home and maintain the property as your principal living place.

Reverse mortgages are appropriate for retired homeowners or those who are no longer bringing home a paycheck but must add to their fixed income. Social Security and Medicare benefits can't be affected; and the money is not taxable. Reverse Mortgages may have adjustable or fixed interest rates. The lending institution is not able to take away your home if you live past the loan term nor can you be obligated to sell your residence to pay off your loan amount even when the loan balance is determined to exceed property value. Contact us at (303) 931-7879 to look into your reverse mortgage options.

Mutual Security Mortgage can answer questions about reverse mortgages and many others. Give us a call at (303) 931-7879.