Reverse Mortgages

Reverse mortgages (also called home equity conversion loans) enable homeowners age 62 or older to tap into their equity without selling their home. The lender pays you money based 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.


Most reverse mortgages require you be at least 62 years of age, have a low or zero balance owed against your home and maintain the property as your principal residence.


Reverse mortgages are ideal for homeowners who are retired or no longer working and need to supplement their income. Interest rates can be fixed or adjustable and the money is nontaxable and does not interfere with Social Security or Medicare benefits. Your lender cannot take property away if you outlive your loan nor can you be forced to sell your home to pay off your loan even if the loan balance grows to exceed property value.

 

Reverse Mortgage Calculator

 

 

 

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US Mortgage Corporation DBA Mortgage Concepts Corporate Office is located at 4170 Veterans Memorial Highway, Suite 201, Bohemia, NY 11716; 631-580-2600 and conducts business only in the following states: Georgia, Hawaii, Oklahoma, New York (conducting business as Mortgage Concepts. Licensed Mortgage Banker-NYS Banking Department); Alabama (conducting business as MC Funding); California (conducting business as Mortgage Concepts Funding); Connecticut, Florida, Maryland (conducting business as Mortgage Concepts Inc.); Massachusetts (Licensed Mortgage Lender and Mortgage Broker Lic. MC 5388 with the Commonwealth of MA Division of Banks & Loan Agencies and conducting business as Mortgage Concepts Funding);New Jersey (Licensed by the N.J. Department of Banking and Insurance and conducting business as Mortgage Concepts Inc.); North Carolina (Licensed Mortgage Lender conducting business as Mortgage Concepts Funding Inc.); Mississippi, Pennsylvania (Licensed by the Pennsylvania Department of Banking and conducting business as US Mortgage Corporation dba Mortgage Concepts Funding Inc.); Tennessee (Residential Lender conducting business as Mortgage Concepts Funding Inc.); and Virginia (Licensed by the Virginia State Corporation Commission, MLB-1299 and conducting business as Mortgage Concepts Funding Inc.). Authorized Lender in South Carolina (conducting business as Mortgage Concepts Inc.); and Vermont (conducting business as US Mortgage Corporation d/b/a Nationwide Mortgage Concepts.).Rates, fees and programs are subject to change without notice. Certain restrictions may apply.

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