Seniors Taking Out Reverse Mortgages

Taking out a reverse mortgage is one option for senior homeowners seeking to avoid foreclosure. This type of loan allows a homeowner to use the value of his or her house to pull cash from their home equity. The payment taken is tax-free, and may be in a lump sum, a line of credit that can be accessed at any time, a monthly advance, or a combination of the three.

The loan generally requires the owner to be at least 62, live in the home, and not have any other outstanding debt on the home. A homeowner who hasn’t quite finished paying down the outstanding debt may qualify for an immediate cash advance from the reverse mortgage to do so.

Unlike a normal mortgage, a reverse mortgage won’t require a minimum income to borrow money; one can even qualify with no income. Seniors don’t have to worry about selling their home to obtain liquid assets. Repayment of the loan, plus interest (usually at a variable rate) and lender’s fees, is required when the home is no longer the primary residence. If the homeowner dies, it becomes the responsibility of the estate to repay the loan.

If you’re over 62 and still making monthly mortgage payments, taking out a reverse mortage may be the option for you. To learn more about reverse mortgages and discuss whether this is for you, speak with our experienced lawyers at Rubin & Licatesi, P.C.

The law offices of Rubin & Licatesi, P.C. provide the highest caliber of legal representation in numerous areas of law. We employ extraordinarily dedicated attorneys who possess the highest academic credentials and strictest professional ethics. Our firm has built its reputation on trust, integrity and successfully delivering the desired results to our clients.

For more information on reverse mortgage, or if you need a real estate lawyer, feel free to submit the completed form, contact us by phone at(516) 227-2662 or by e-mail at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .