Is a Reverse Mortgage Loan for You?

	In the market for a new mortgage? We will be glad to help! Give us a call at 714-713-9193. Want to get started? Apply Online Now.

In a reverse mortgage loan (also referred to as a a home equity conversion loan), borrowers 62 years of age may use home equity for living expenses without having to sell their homes. Deciding how you prefer to be paid: by a monthly amount, a line of credit, or a one-time payment, you can receive a loan amount determined by your equity. The loan doesn't have to be repaid until the homeowner sells his home, moves out, or dies. You or an estate representative is required to repay the reverse mortgage loan, interest , and other finance charges at the time your property is sold, or you no longer live in it.

Are you Eligible?

The requirements of a reverse mortgage include being sixty-two or older, using the house as your main residence, and having a small remaining mortgage balance or owning your home outright.

Homeowners who live on a fixed income and need additional money find reverse mortgages helpful for their circumstance. Funds received using a Reverse Mortgage are nontaxable. Reverse Mortgages may have adjustable or fixed interest rates. . Call us at 714-713-9193 if you want to explore the advantages of reverse mortgages.  Always seek professional advice regarding your specific situation, as a Reverse Mortgage could affect Medicaid and other benefits. 

At ICM Lending, we answer questions about reverse mortgages every day. Call us: 714-713-9193.