Is a Reverse Mortgage for You?

Are you looking for a mortgage loan? We will be glad to help! Call us at (816) 525-8000 & (81. Want to get started? Apply Now.

With a reverse mortgage (also called a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without having to sell their homes. The lending institution gives you funds determined by the equity you've accrued in your home; you get a lump sum, a payment each month or a line of credit. The loan doesn't have to be repaid until the homeowner sells his residence, moves away, or passes away. You or your estate representative must pay back the reverse mortgage funds, interest , and other finance fees after your home is sold, or you are no longer living in it.

Who is Eligible?

The requirements of a reverse mortgage loan typically include being sixty-two or older, using the home as your main residence, and holding a small remaining mortgage balance or having paid it off.

Reverse mortgages are helpful for retired homeowners or those who are no longer working and need to supplement their fixed income. Social Security and Medicare benefits will not be affected; and the funds are not taxable. Reverse Mortgages may have adjustable or fixed rates. The lender cannot take away your home if you live past the loan term nor will you be forced to sell your home to repay the loan amount even when the loan balance grows to exceed property value. Call us at (816) 525-8000 & (81 to discuss your reverse mortgage options.

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

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