Is a Reverse Mortgage for You?

Shopping for a mortgage loan? We'd be thrilled to talk about our mortgage offerings! Call us at 561-395-4264. Ready to begin? Apply Now.

In a reverse mortgage loan (sometimes referred to as a a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without selling their homes. The lender gives you funds determined by your home equity amount; you receive a lump sum, a payment every month or a line of credit. The loan doesn't have to be repaid until the borrower sells his residence, moves away, or dies. You or an estate representative must pay back the reverse mortgage loan, interest accrued, and other finance charges after your property is sold, or you are no longer living in it.

Who is Eligible?

Usually, reverse mortgages require youto be at least sixty-two years of age, have a low or zero balance in a mortgage and use the house as your principal residence.

Homeowners who live on a limited income and have a need for additional funds find reverse mortgages advantageous for their situation. Interest rates can be fixed or adjustable and the funds are nontaxable and don't adversely affect Social Security or Medicare benefits. Your house will never be at risk of being taken away by the lender or put up for sale against your will if you live past the loan term - even if the property value dips below the loan balance. Call us at 561-395-4264 to look into your reverse mortgage options.

Alternative Mortgage Group can walk you through the pitfalls of getting a reverse mortgage. Give us a call at 561-395-4264.

Alternative Mortgage Group

80 SW 14 Ave
Boca Raton, FL 33486