Reverse Mortgages

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In a reverse mortgage (also referred to as a 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 lender gives you money determined by your home equity amount; you receive a lump sum, a monthly payment or a line of credit. Paying back your loan isn't necessary until when the homeowner sells the home, moves (such as into a care facility) or dies. You or an estate representative must repay the reverse mortgage loan, interest accrued, and other finance charges after your house is sold, or you can no longer call it your primary residence.

Who is Eligible?

Most reverse mortgages are offered to borrowers at least sixty-two years old, have a low or zero balance in a mortgage and maintain the property as your principal residence.

Reverse mortgages can be advantageous for homeowners who are retired or no longer working and have a need to add to their limited income. Social Security and Medicare benefits aren't affected; and the money is not taxable. Reverse Mortgages may have adjustable or fixed rates. The house is never in danger of being taken away by the lending institution or put up for sale without your consent if you outlive the loan term - even if the property value creeps under the loan balance. Call us at 303.727.2466 if you want to explore the advantages of reverse mortgages.

Paragon Mortgage Services, Inc. can walk you through the pitfalls of getting a reverse mortgage. Call us at 303.727.2466.