Is a Reverse Mortgage for You? In the market for a mortgage loan? We can help! Give us a call at 8102292820. Ready to get started? Apply Here. Reverse mortgages (sometimes referred to as "home equity conversion loans") enable older homeowners to tap into home equity without selling their home. Deciding how you'd like to be paid: by a monthly payment amount, a line of credit, or a one-time payment, you may take out a loan amount determined by your equity. The loan doesn't have to be repaid until the borrower sells his residence, moves away, or passes away. After your home has been sold or is no longer used as your primary residence, you (or your estate) must repay the lender for the money you received from the reverse mortgage as well as interest and other finance charges. Are you Eligible? Most reverse mortgages are appropriate for homeowners who are at least sixty-two years old, have a small or zero balance owed against the home and use the home as your main living place. Reverse mortgages can be helpful for retired homeowners or those who are no longer bringing home a paycheck and have a need to add to their limited income. Social Security and Medicare benefits will not be affected; and the money is nontaxable. Reverse Mortgages may have adjustable or fixed interest rates. The lending institution can't take away your residence if you live past the loan term nor may you be forced to sell your residence to repay the loan even if the loan balance is determined to exceed current property value. If you would like to find out more about reverse mortgages, feel free to contact us at 8102292820. ADVISORY MORTGAGE can walk you through the pitfalls of getting a reverse mortgage. Call us: 8102292820.