Reverse Mortgages

	Looking for mortgage advice? We'd be thrilled to answer your questions about our mortgage offerings! Give us a call today at 314-835-1195. Ready to get started? Apply Here.

In a reverse mortgage loan (sometimes referred to as a a home equity conversion loan), borrowers 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 the equity you've accrued in your home; you get a one-time amount, a payment each month or a line of credit. The loan doesn't have to be repaid until the borrower sells his residence, moves out, or dies. At the time you sell your property or you no longer use it as your primary residence, you (or your estate) have to repay the lending institution for the cash you received from your reverse mortgage in addition to interest and other finance charges.

Are you Eligible?

Usually, reverse mortgages require you be at least sixty-two years old, have a low or zero balance owed against the home and maintain the house as your principal residence.

Many homeowners who are on a limited income and find themselves needing additional money find reverse mortgages advantageous for their situation. Rates of interest can be fixed or adjustable while the funds are nontaxable and don't adversely affect Social Security or Medicare benefits. Your lender can't take the property away if you live past the loan term nor will you be made to sell your home to pay off your loan even if the balance is determined to exceed property value. If you'd like to find out more about reverse mortgages, please contact us at 314-835-1195.

Alternative Mortgage Solutions, Inc. can answer questions about reverse mortgages and many others. Give us a call at 314-835-1195.