Is a Reverse Mortgage for You?

	Are you looking for a mortgage loan? We will be glad to assist you! Call us at 503-698-5800. Ready to get started? Apply Online Now.

Reverse mortgages (sometimes called "home equity conversion loans") give older homeowners the ability to use their built-up equity without the necessity of selling their home. The lending institution gives you money determined by your home equity amount; you receive a lump sum, a payment every month or a line of credit. The loan doesn't have to be paid back until the homeowner sells his home, moves out, or passes away. At the time your home has been sold or is no longer used as your main residence, you (or your estate) have to pay back the lender for the money you obtained from the reverse mortgage in addition to interest among other fees.

Are you Eligible?

Typically, reverse mortgages require you be at least 62 years of age, have a small or zero balance owed against your home and use the property as your principal living place.

Reverse mortgages can be advantageous for homeowners who are retired or no longer bringing home a paycheck and need to supplement their income. Social Security and Medicare benefits are not affected; and the funds are not taxable. Reverse Mortgages can have adjustable or fixed rates. The lender cannot take the property away if you outlive your loan nor may you be required to sell your home to repay the loan even if the loan balance is determined to exceed property value. If you'd like to find out more about reverse mortgages, feel free to contact us at 503-698-5800.

At Sunrise Mortgage Group, we answer questions about reverse mortgages every day. Give us a call at 503-698-5800.