Reverse Mortgages

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Reverse mortgages (sometimes referred to as "home equity conversion loans") give older homeowners the ability to benefit from their equity without the necessity of selling their home. Deciding how you prefer to be paid: by a monthly payment amount, a line of credit, or a lump sum, you can receive a loan amount determined by your equity. The loan doesn't have to be repaid until the homeowner sells the residence, moves away, or dies. You or your estate representative must pay back the reverse mortgage funds, interest , and finance fees after your house is sold, or you no longer live in it.

Are you Eligible?

Typically, reverse mortgages require youto be at least sixty-two years old, have a low or zero balance in a mortgage and use the home as your main living place.

Many homeowners who live on a fixed income and find themselves needing additional funds find reverse mortgages ideal for their circumstance. Social Security and Medicare benefits can't be affected; and the money is nontaxable. Reverse Mortgages can have adjustable or fixed interest rates. Your lender will not take away your residence if you outlive your loan nor may you be forced to sell your residence to pay off your loan amount even when the balance is determined to exceed property value. Contact us at (860) 388-9814 to discuss your reverse mortgage options.

New England Alliance Mortgage can walk you through the pitfalls of getting a reverse mortgage. Give us a call: (860) 388-9814.