The Reverse Mortgage

The reverse mortgage has become a popular way for senior citizens to obtain tax-free income using their homes’ equity as collateral for a loan.  They do not have to sell their home or give away the title, nor do they have to make any monthly payments in order to receive the low-interest loan.  Additionally, the loan does not have to be paid until after they have passed away.

If you are facing serious economic hardships and are afraid of losing your home, the West Palm Beach mortgage modification lawyers of Eric N. Klein & Associates, P.A. would like to discuss your case with you.  Please contact us today by calling 561-353-2800.

How the Mortgage Works

Reverse mortgages are available only to senior citizens who are 62 years of age or older, and who own their own homes.  They can have a mortgage of no more than 65% of the home’s value.  Once the reverse mortgage has been agreed upon, the homeowner can receive the value of the equity either in a single lump sum or as payments.

The principle of the loan does not have to be paid off until the homeowner dies or leaves the house.  If he or she passes away, his or her estate usually has one year to pay off the loan.

Contact Us

If you or someone you love is facing serious economic hardship, a reverse mortgage may be in his or her best interests.  To discuss your needs with one of the experienced West Palm Beach foreclosure defense attorneys of Eric N. Klein & Associates, PA., please contact us today by calling 561-353-2800.