Reverse mortgages (sometimes called "home equity conversion loans") give older homeowners the ability to use their built-up equity without selling their home. Deciding how you'd prefer to be paid: by a monthly amount, a line of credit, or a one-time payment, you can get a loan based on your home equity. Paying back your loan isn't required until the time the homeowner puts his home up for sale, moves (such as to a retirement community) or dies. At the time you sell your home or is no longer used as your primary residence, you (or your estate) are required to pay back the lending institution for the cash you got from the reverse mortgage plus interest and other finance charges.

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Who is Able to Participate?

The requirements of a reverse mortgage loan generally are being 62 or older, using the home as your main living place, and having a low balance on your mortgage or having paid it off.

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Homeowners who are on a limited income and find themselves needing additional money find reverse mortgages advantageous for their circumstance. Social Security and Medicare benefits won't be affected; and the funds are not taxable. Reverse Mortgages may have adjustable or fixed rates. Your lender cannot take away your house if you outlive your loan nor will you be required to sell your home to pay off the loan amount even when the balance grows to exceed property value. Contact us at (216) 752-9264 if you'd like to explore the benefits of reverse mortgages.