Reverse Mortgages:the Facts

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Reverse mortgages (also referred to as "home equity conversion loans") give older homeowners the ability to tap into built-up equity without the necessity of selling their home. Choosing between a monthly amount, a line of credit, or a one-time payment, you can get a loan amount determined by your home equity. The borrowed money doesn't have to be repaid until the borrower sells the residence, moves away, or passes away. You or representative of your estate is required to repay the reverse mortgage amount, interest , and other finance charges when your home is sold, or you no longer live in it.

Are you Eligible?

The conditions of a reverse mortgage often are being sixty-two or older, maintaining your property as your main living place, and having a low remaining mortgage balance or owning your home outright.

Homeowners who are on a limited income and need additional money find reverse mortgages advantageous for their situation. Social Security and Medicare benefits are not affected; and the money is nontaxable. Reverse Mortgages may have adjustable or fixed rates. Your lending institution isn't able to take the property away if you outlive your loan nor can you be required to sell your residence to repay your loan even if the balance is determined to exceed property value. Contact us at 619-564-8828 to look into your reverse mortgage options.

Cobalt Financial Corp. can walk you through the pitfalls of getting a reverse mortgage. Call us: 619-564-8828.