Guiding Seniors Through Reverse Mortgages
02/1 Equitas, LLC is a law firm that concentrates on Reverse Mortgages for Seniors. We assist seniors and lenders through the reverse mortgage process. As Attorneys, we have no axe to grind-the HECM reverse mortgage either will or will not make sense for a senior homeowner's individual situation. Our goal is to educate you about the HECM reverse mortgage program so that you can make an informed and educated decision.
What is a Reverse Mortgage? It is an important, safe, and easy way to supplement a senior's income. It is a federally-insured loan against your home that you do not have to pay back for as long as you live there. You can receive it all at once, as a regular monthly advance, or at times and in amounts that you choose.
When is a reverse mortgage paid back? A reverse mortgage is paid off from the sale or refinance of the home only when a senior passes away, does not live in their home for 12 consecutive months, or sells their home.
What are the requirements? The only requirements for a reverse mortgage are that all the borrowers are at least 62 years of age and own a home. The home must be your principal residence (where you live the majority of the year).
What are some of the other advantages? The unused portion of the credit line you establish continues to grow at a competitive interest rate regardless of whether your home value increases or decreases. You are not personally liable for a reverse mortgage: the loan can only be paid back through the sale of your home.
To learn more about this: click on one the numerous informational listings in our index or watch our Seminar at Home video. And please explore our web site and contact us at 866-849-8741 or by email at pbobrowski@equitasllc.net if we can be of help!