Is a Reverse Mortgage for You?

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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. Deciding how you would prefer to be paid: by a monthly payment amount, a line of credit, or a lump sum, you can receive a loan amount determined by your home equity. The loan does not have to be paid back until the homeowner sells his home, moves away, or passes away. You or representative of your estate has to repay the reverse mortgage loan, interest , and finance charges after your property is sold, or you are no longer living in it.

Who is Eligible?

Most reverse mortgages require you be at least sixty-two years old, have a low or zero balance owed against your home and maintain the home as your principal residence.

Homeowners who are on a limited income and find themselves needing additional money find reverse mortgages helpful for their circumstance. Social Security and Medicare benefits aren't affected; and the funds are nontaxable. Reverse Mortgages can have adjustable or fixed rates. Your residence will never be at risk of being taken away from you by the lender or sold without your consent if you live longer than your loan term - even if the current property value dips below the loan balance. If you'd like to find out more about reverse mortgages, please call us at 916-989-6222.

Sierra View Financial Corp can walk you through the pitfalls of getting a reverse mortgage. Call us: 916-989-6222.