New Jersey, Florida, California Reverse Home Mortgages

Reverse home mortgages (also called home equity conversion loans) enable homeowners aged 62 years and older to tap into their equity without selling their home. The lender pays you money based on the equity you've accrued in your home; you receive either a lump sum payment, a monthly payment or a line of credit or a combination of any two options, i.e. a lump sum for "x dollars"and a line of credit or a monthly payment based on "x dollars" and a credit line for the difference. Repayment is not necessary until the borrower sells the property, moves out of the house, is absent from the property for 12 straight months, moves into an assisted living or nursing home facility on a permanent basis or passes away. When you sell your home or no longer use it as your primary residence, you or your estate must repay the cash you received from the reverse mortgage plus interest and other finance charges to the lender. 

Reverse mortgages require you and your spouse to 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.

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 generally interfere with Social Security or Medicare benefits. However, the money received may affect any Medicade benefits or other government assistance that you receive.  Your lender cannot take 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 and speak with an experienced "Professional Mortgage Planner" and "Reverse Morgage Specialist" at Benchmark Lending, today.  We are here to help you!