Reverse Mortgages

Reverse mortgages (also called home equity conversion loans) enable older homeowners to tap into their equity without selling their home. The borrowers receive money based on the equity  in the home; either in a lump sum, a monthly payment or a line of credit.  There is NO MONTHLY PAYMENT. The homeowner is still responsible for homeowners insurance and property tax payments. Repayment is not necessary until the home is sold, the borrower moves into a retirement community or passes away.
Reverse mortgages require you be at least 62 years of age, have a low or zero balance owed against your home and maintain the property as your principal residence. If a borrower wants to purchase a home, they are able to put into place a reverse mortgage as well. 
Reverse mortgages are ideal for homeowners who are retired or no longer working and need to supplement their income. Interest rates can be fixed or adjustable and the money is nontaxable and does not interfere with Social Security or Medicare benefits. The lender cannot take the property away if you outlive your loan nor can you be forced to sell your home to pay off your loan even if the loan balance grows to exceed property value. Call one of our Reverse Mortgage experts here at Graystone Mortgage to find out more about this amazing loan program.