Reverse Mortgage Loans

Are you looking for a mortgage loan? We'd be thrilled to talk about our mortgage offerings! Give us a call today at (818) 874-9900. Want to get started? Apply Now.

In a reverse mortgage loan (sometimes referred to as a a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without having to sell their homes. Deciding how you would prefer to to receive your money: by a monthly payment, a line of credit, or a lump sum, you may get a loan based on your home equity. The borrowed money doesn't have to be paid back until the borrower sells his residence, moves out, or passes away. You or an estate representative must repay the reverse mortgage loan amount, interest accrued, and other finance charges when your home is sold, or you no longer live in it.

Are you Eligible?

The requirements of a reverse mortgage loan generally include being 62 or older, using the property as your primary residence, and holding a low remaining mortgage balance or having paid it off.

Many homeowners who are on a limited income and have a need for additional money find reverse mortgage loans advantageous for their situation. Social Security and Medicare benefits are not affected; and the money is nontaxable. Reverse mortgage loans can have adjustable or fixed interest rates. The house is never at risk of being taken away from you by the lender or put up for sale against your will if you live longer than your loan term - even if the current property value dips under the loan balance. Call us at (818) 874-9900 if you would like to explore the advantages of reverse mortgage loans.

Mainstreet Mortgage can answer questions about reverse mortgage loans and many others. Give us a call at (818) 874-9900.