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Reverse mortgages (also referred to as "home equity conversion loans") enable older homeowners to benefit from their equity without selling their home. Choosing between a monthly payment amount, a line of credit, or a one-time payment, you can get a loan amount determined by your equity. Repayment isn't required until when the borrower puts his home up for sale, moves (such as to a care facility) or dies. You or your estate representative must pay back the reverse mortgage funds, interest , and other finance fees after your property is sold, or you can no longer use it as your primary residence.
Who is Eligible?
Generally, reverse mortgages are appropriate for homeowners who are at least 62 years old, have a small or zero balance in a mortgage and use the property as your principal living place.
Homeowners who live on a limited income and find themselves needing additional money find reverse mortgages ideal for their situation. Rates of interest can be fixed or adjustable and the money is nontaxable and doesn't adversely affect Social Security or Medicare benefits. Your residence can never be at risk of being taken away by the lender or sold against your will if you live longer than the loan term - even if the property value creeps under the loan balance. Call us at (402) 502-9037 to explore your reverse mortgage options.