Reverse Mortgages:the Facts

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In a reverse mortgage loan (sometimes called a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without selling their homes. Choosing between a monthly amount, a line of credit, or a lump sum, you may take out a loan amount determined by your equity. Paying back your loan isn't required until when the homeowner puts his home up for sale, moves (such as to a retirement community) or passes away. You or an estate representative is required to repay the reverse mortgage loan, interest accrued, and other finance fees after your property is sold, or you can no longer use it as your primary residence.

Who is Able to Participate?

The requirements of a reverse mortgage loan normally include being sixty-two or older, using the property as your primary residence, and holding a small remaining mortgage balance or owning your home outright.

Reverse mortgages are helpful for retired homeowners or those who are no longer working and must supplement their limited income. Social Security and Medicare benefits aren't affected; and the funds are not taxable. Reverse Mortgages can have adjustable or fixed interest rates. Your house is never in danger of being taken away from you by the lending institution or sold against your will if you live longer than the loan term - even if the current property value creeps under the loan balance. Contact us at 248-644-1200 to look into your reverse mortgage options.

Prime Capital Mortgage Corp can walk you through the pitfalls of getting a reverse mortgage. Give us a call: 248-644-1200.

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