Mortgage Company in Riverside, CA
Reverse mortgages ( called home equity conversion loans) enable senior homeowners age 62 and older to tap into their equity without selling their home. The lender pays you money located on the equity you've accrued in your home; you receive a lump sum, a monthly payment or a line of credit. Repayment is not necessary until the borrower sells the property, moves into a retirement community 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.