Is a Reverse Mortgage for You?

Are you looking for a new mortgage? We will be glad to help! Give us a call today at (816) 525-8000 & (81. Want to get started? Apply Here.

With a reverse mortgage loan (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 lender gives you funds determined by your home equity amount; you get a lump sum, a payment every 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 representative of your estate is required to repay the reverse mortgage loan, interest accrued, and finance charges when your home is sold, or you are no longer living in it.

Are you Eligible?

Most reverse mortgages require you be at least 62 years of age, have a small or zero balance in a mortgage and maintain the home as your main residence.

Many homeowners who live on a fixed income and need additional funds find reverse mortgages advantageous for their circumstance. Interest rates can be fixed or adjustable and the funds are nontaxable and don't affect Social Security or Medicare benefits. Your lender can't take away your home if you outlive your loan nor may you be required to sell your residence to pay off your loan amount even when the loan balance grows to exceed property value. Call us at (816) 525-8000 & (81 to look into your reverse mortgage options.

At Executive Lending Group, LLC, we answer questions about reverse mortgages every day. Call us: (816) 525-8000 & (81.

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