Reverse Mortgages

In the market for a mortgage loan? We'll be glad to discuss your mortgage needs! Call us at (816) 525-8000 & (81. Ready to get started? Apply Now.

In a reverse mortgage (also called a home equity conversion loan), borrowers of a certain age may use home equity for anything they need without having to sell their homes. The lending institution gives you funds based on your home equity amount; you receive a one-time amount, a payment each month or a line of credit. The loan does not have to be repaid until the borrower sells his home, moves out, or passes away. You or an estate representative has to repay the reverse mortgage funds, interest accrued, and finance fees when your house is sold, or you can no longer call it your primary residence.

Are you Eligible?

Typically, reverse mortgages require youto be at least sixty-two years of age, have a small or zero balance in a mortgage and use the house as your main living place.

Homeowners who live on a limited income and need additional funds find reverse mortgages ideal for their situation. Social Security and Medicare benefits aren't affected; and the money is nontaxable. Reverse Mortgages can have adjustable or fixed interest rates. Your home can never be in danger of being taken away from you by the lending institution or sold without your consent if you live longer than the loan term - even if the current property value goes below the loan balance. If you would like to learn more about reverse mortgages, feel free to call us at (816) 525-8000 & (81.

Executive Lending Group, LLC can answer questions about reverse mortgages and many others. Give us a call: (816) 525-8000 & (81.

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