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Reverse mortgages (also referred to as "home equity conversion loans") enable older homeowners to tap into built-up home equity without having to sell their home. Deciding how you would prefer to to receive your funds: by a monthly amount, a line of credit, or a lump sum, you can receive a loan based on your home equity. Repayment is not required until after the homeowner sells the property, moves (such as to a care facility) or dies. When your house sells or is no longer used as your primary residence, you (or your estate) have to repay the lender for the money you obtained from the reverse mortgage as well as interest among other finance charges.
Are you Eligible?
The requirements of a reverse mortgage typically include being 62 or older, maintaining the house as your main living place, and holding a low remaining mortgage balance or owning your home outright.
Many homeowners who live on a limited income and need additional money find reverse mortgages advantageous for their circumstance. Social Security and Medicare benefits can not be affected; and the funds are nontaxable. Reverse Mortgages may have adjustable or fixed rates. The residence is never at risk of being taken away by the lending institution or sold against your will if you live longer than the loan term - even if the current property value dips under the loan balance. If you would like to learn more about reverse mortgages, please call us at 607-547-5007.