Reverse Mortgages

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In a reverse mortgage (also referred to as a a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without having to sell their homes. Deciding how you'd like to be paid: by a monthly amount, a line of credit, or a lump sum, you may take out a loan based on your home equity. Repayment is not required until when the homeowner puts his home up for sale, moves (such as into a care facility) or passes away. At the time you sell your home or is no longer used as your primary residence, you (or your estate) have to pay back the lending institution for the funds you received from your reverse mortgage plus interest and other finance charges.

Who is Eligible?

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

Homeowners who are on a limited income and have a need for additional money find reverse mortgages helpful for their situation. Social Security and Medicare benefits will not be affected; and the funds are nontaxable. Reverse Mortgages can have adjustable or fixed interest rates. Your lending institution will not take away your home if you live past the loan term nor will you be made to sell your home to repay your loan amount even when the loan balance is determined to exceed property value. If you'd like to learn more about reverse mortgages, feel free to contact us at 760-547-2080.

At Mortgage Max Inc, we answer questions about reverse mortgages every day. Call us: 760-547-2080.