Is a Reverse Mortgage for You?

In the market for a mortgage? We'll be glad to answer your questions about your mortgage needs! Call us at 847-278-7220. Ready to get started? Apply Here.

Reverse mortgages (sometimes called "home equity conversion loans") enable older homeowners to tap into built-up equity without the necessity of selling their home. Deciding how you would prefer to be paid: by a monthly amount, a line of credit, or a one-time payment, you can get a loan amount determined by your equity. Repayment isn't necessary until the borrower puts his home up for sale, moves (such as into a retirement community) or dies. At the time you sell your home or is no longer used as your primary residence, you (or your estate) have to repay the lending institution for the funds you got from your reverse mortgage as well as interest and other finance charges.

Who is Able to Participate?

The conditions of a reverse mortgage loan typically are being sixty-two or older, using the house as your main living place, and having a small remaining mortgage balance or owning your home outright.

Homeowners who live on a limited income and need additional funds find reverse mortgages advantageous for their circumstance. Social Security and Medicare benefits aren't affected; and the funds are nontaxable. Reverse Mortgages can have adjustable or fixed interest rates. The residence is never at risk of being taken away by the lender or put up for sale without your consent if you live longer than the loan term - even if the property value dips below the loan balance. Contact us at 847-278-7220 to discuss your reverse mortgage options.

Moonstar Mortgage can answer questions about reverse mortgages and many others. Give us a call at 847-278-7220.

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