Is a Reverse Mortgage for You?

Looking for a mortgage loan? We'd be thrilled to answer your questions about our mortgage offerings! Call us at (718) 639-9500. Want to get started? Apply Here.

With a reverse mortgage loan (also called a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without selling their homes. Choosing between a monthly amount, a line of credit, or a one-time payment, you may take out a loan based on your equity. Repayment isn't necessary until the time the homeowner puts his home up for sale, moves (such as into a retirement community) or dies. When your home has been sold or you no longer use it as your primary residence, you (or your estate) must repay the lender for the funds you got from your reverse mortgage as well as interest and other fees.

Who can Participate?

The conditions of a reverse mortgage often include being sixty-two or older, maintaining the property as your main residence, and holding a low remaining mortgage balance or owning your home outright.

Reverse mortgages can be advantageous for retired homeowners or those who are no longer working but need to supplement their fixed income. Social Security and Medicare benefits aren't affected; and the funds are not taxable. Reverse Mortgages may have adjustable or fixed rates. Your residence can never be at risk of being taken away by the lending institution or sold against your will if you outlive your loan term - even if the current property value creeps below the balance of the loan. Contact us at (718) 639-9500 if you want to explore the advantages of reverse mortgages.

Channel Mortgage LLC can walk you through the pitfalls of getting a reverse mortgage. Call us at (718) 639-9500.

Mortgage Questions?

Do you have a question regarding a mortgage program?

Contact Information
Your Question