Reverse Mortgages

Are you looking for a mortgage loan? We'd be thrilled to discuss your mortgage needs! Give us a call at 561-395-4264. Ready to begin? Apply Here.

In a reverse mortgage (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. Deciding how you prefer to to receive your funds: by a monthly amount, a line of credit, or a lump sum, you can take out a loan amount determined by your home equity. Repayment isn't required until the time the homeowner sells the property, moves (such as into a care facility) or passes away. You or representative of your estate must repay the reverse mortgage amount, interest , and finance charges after your property is sold, or you are no longer living in it.

Who can Participate?

Generally, reverse mortgages are appropriate for homeowners who are at least sixty-two years old, have a low or zero balance in a mortgage and maintain the house as your principal residence.

Many homeowners who are on a limited income and have a need for additional funds find reverse mortgages ideal for their circumstance. Rates of interest can be fixed or adjustable and the money is nontaxable and doesn't affect Medicare or Social Security benefits. The home will never be in danger of being taken away from you by the lending institution or sold against your will if you live longer than your loan term - even if the current property value dips below the balance of the loan. Contact us at 561-395-4264 to discuss your reverse mortgage options.

At Alternative Mortgage Group, we answer questions about reverse mortgages every day. Give us a call at 561-395-4264.