Reverse Mortgages

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In a reverse mortgage (sometimes called a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without selling their homes. The lending institution gives you funds determined by your home equity amount; you get a lump sum, a monthly payment or a line of credit. Repayment is not necessary until when the borrower sells the property, moves (such as to a care facility) or dies. After you sell your property or is no longer used as your main residence, you (or your estate) have to repay the lender for the cash you got from the reverse mortgage as well as interest and other finance charges.

Who can Participate?

Usually, reverse mortgages are appropriate for homeowners at least 62 years of age, have a small or zero balance owed against the home and use the home as your main living place.

Reverse mortgages are great for retired homeowners or those who are no longer bringing home a paycheck but have a need to add to their limited income. Rates of interest can be fixed or adjustable and the funds are nontaxable and do not adversely affect Medicare or Social Security benefits. The house is never at risk of being taken away from you by the lending institution or put up for sale without your consent if you live longer than the loan term - even if the current property value dips under the loan balance. Contact us at (832) 860-2000 if you would like to explore the advantages of reverse mortgages.

Envoy Mortgage can walk you through the pitfalls of getting a reverse mortgage. Call us at (832) 860-2000.