Is a Reverse Mortgage for You?

Shopping for a mortgage loan? We will be glad to assist you! Give us a call today at 248-644-1200. Want to get started? Apply Now.

Reverse mortgages (sometimes called "home equity conversion loans") enable older homeowners to use their built-up equity without having to sell their home. Deciding how you prefer to to receive your funds: by a monthly amount, a line of credit, or a one-time payment, you may take out a loan amount determined by your equity. The borrowed money doesn't have to be paid back until the homeowner sells his home, moves away, or passes away. You or representative of your estate must pay back the reverse mortgage funds, interest accrued, and other finance fees at the time your property is sold, or you can no longer call it your primary residence.

Who is Eligible?

The conditions of a reverse mortgage loan usually are being sixty-two or older, using the home as your main residence, and having a small remaining mortgage balance or owning your home outright.

Homeowners who live on a limited income and find themselves needing additional money find reverse mortgages advantageous for their circumstance. Social Security and Medicare benefits will not be affected; and the funds are nontaxable. Reverse Mortgages can have adjustable or fixed rates. Your lending institution can't take away your residence if you outlive your loan nor will you be made to sell your home to repay the loan amount even when the balance grows to exceed property value. Call us at 248-644-1200 to explore your reverse mortgage options.

At Prime Capital Mortgage Corp, we answer questions about reverse mortgages every day. Give us a call: 248-644-1200.

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