Reverse Mortgages:the Facts

	Searching for mortgage advice? We will be glad to assist you! Give us a call at 281-860-2533 X-102. Ready to begin? Apply Now.

Reverse mortgages (also referred to as "home equity conversion loans") give older homeowners the ability to use their built-up equity without having to sell their home. Choosing between a monthly payment, a line of credit, or a one-time payment, you may receive a loan amount determined by your home equity. The loan does not have to be repaid until the borrower sells his home, moves away, or passes away. You or representative of your estate has to pay back the reverse mortgage loan, interest accrued, and other finance fees at the time your house is sold, or you can no longer use it as your primary residence.

Are you Eligible?

The conditions of a reverse mortgage often are being sixty-two or older, using the property as your primary living place, and having a small remaining mortgage balance or having paid it off.

Reverse mortgages are helpful for retired homeowners or those who are no longer working but need to supplement their income. Social Security and Medicare benefits can not be affected; and the funds are nontaxable. Reverse Mortgages may have adjustable or fixed rates. The residence is never in danger of being taken away by the lender or put up for sale without your consent if you live past the loan term - even if the current property value dips below the balance of the loan. If you'd like to learn more about reverse mortgages, please contact us at 281-860-2533 X-102.

AmCap Mortgage Bank, Ltd. can answer questions about reverse mortgages and many others. Give us a call: 281-860-2533 X-102.