A reverse mortgage or home equity conversion mortgage (HECM) is a special type of home loan for older homeowners (62 years or older) that requires no monthly mortgage payments. Borrowers are still responsible for property taxes and homeowner’s insurance. Reverse mortgages allow elders to access the home equity they have built up in their homes now, and defer payment of the loan until they die, sell, or move out of the home. Because there are no required mortgage payments on a reverse mortgage, the interest is added to the loan balance each month. The rising loan balance can eventually grow to exceed the value of the home, particularly in times of declining home values or if the borrower continues to live in the home for many years. However, the borrower (or the borrower’s estate) is generally not required to repay any additional loan balance in excess of the value of the home.
If you are on the Treasure Coast and are 62 and older and want to go over your situation to see if a Reverse Mortgage is right for you, call today at 772-618-5058.
Working with Geneva Financial, LLC
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- Fast and efficient, we close most of our loans in 30 days or less.
- We offer a variety of loans. Geneva Financial, LLC will find you the loan that is right for you!!!