Reverse mortgages (also called home equity conversion loans) enable elderly homeowners 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 are no longer working, and need to supplement their income. Interest rates can be fixed or adjustable and the money is non-taxable. Also it does not interfere with Social Security or Medicare benefits. Your lender can not take your property away if you out live your loan. Nor can you be forced to sell your home to pay off your loan, even if the loan balance grows to exceed the property value.

Jumbo Loans

Are large loans typically greater than $417,000 and are normally fixed rate.  These loans can be 15 or 30 years in length.  Peoples Choice Home Loans specializes in large initial saving on jumbo loan products.  Allow me to show you just how much I can save you on your jumbo loan.  Contact me today for specifics!