Is a Reverse Mortgage for You?

Are you looking for a new mortgage loan? We can help! Call us at (303) 931-7879. Ready to get started? Apply Here.

With a reverse mortgage loan (also called a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without having to sell their homes. Choosing between a monthly payment amount, a line of credit, or a one-time payment, you may receive a loan amount determined by your home equity. Paying back your loan isn't necessary until the borrower puts his home up for sale, moves (such as into a care facility) or passes away. You or representative of your estate is required to repay the reverse mortgage loan, interest , and other finance fees after your house is sold, or you no longer live in it.

Who is Eligible?

The conditions of a reverse mortgage often are being sixty-two or older, using the property as your primary residence, and having a small balance on your mortgage or owning your home outright.

Homeowners who live on a fixed income and need additional money find reverse mortgages advantageous for their situation. Social Security and Medicare benefits can't be affected; and the money is nontaxable. Reverse Mortgages may have adjustable or fixed rates. The home can never be in danger of being taken away by the lender or sold against your will if you outlive the loan term - even if the current property value goes under the balance of the loan. If you would like to learn more about reverse mortgages, feel free to contact us at (303) 931-7879.

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