Reverse Mortgages

Looking for mortgage advice? We'd be thrilled to talk about our mortgage offerings! Call us at 866-300-1550. Ready to get started? Apply Here.

Reverse mortgages (also called "home equity conversion loans") give older homeowners the ability to use their home equity without having to sell their home. Choosing between a monthly amount, a line of credit, or a one-time payment, you can get a loan amount determined by your equity. Repayment is not necessary until the time the homeowner sells the home, moves (such as to a retirement community) or dies. At the time you sell your home or is no longer used as your primary residence, you (or your estate) are required to repay the lender for the cash you received from your reverse mortgage in addition to interest among other fees.

Who is Eligible?

Generally, reverse mortgages require you be at least sixty-two years of age, have a low or zero balance in a mortgage and maintain the house as your principal living place.

Reverse mortgages are helpful for homeowners who are retired or no longer working but have a need to supplement their income. Rates of interest can be fixed or adjustable while the funds are nontaxable and don't interfere with Social Security or Medicare benefits. Your lender cannot take away your residence if you live past the loan term nor can you be required to sell your home to pay off the loan amount even when the loan balance is determined to exceed property value. Call us at 866-300-1550 if you would like to explore the advantages of reverse mortgages.

At Metro Mortgage, we answer questions about reverse mortgages every day. Give us a call: 866-300-1550.

Mortgage Questions?

Do you have a question regarding a mortgage program?

Contact Information
Your Question