Designed especially for seniors, a reverse mortgage loan allows homeowners age 62 and older to convert a portion of their home equity into tax-free money to use for any number of reasons:
The amount that can be borrowed is determined by an FHA formula that considers age, the current interest rate, the appraised value of the home and government lending limits. Typically, the more valuable the home, the higher the loan amount will be.
With a reverse mortgage loan, your existing mortgage will be paid in full, eliminating all monthly payments.
The loan does not need to be paid back until you choose to move or sell your home, or when your estate is settled. At that time, no other assets are affected. For example, second homes, cars, investments and other valuable possessions cannot be taken from the estate to pay off the remaining loan balance.
Tel. (561) 864-2416
Cel. (561) 706-5469
Fax. (561) 864-2816
951 Yamato Road, Suite 150 Boca Raton FL 33431