Reverse mortgages allow senior citizens to tap into their homes equity without selling their home. The lender pays you money based on the equity you have in your home. You can receive a lump sum, a monthly payment or a line of credit.

Repayment is not due 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.

Reverse mortgages require you to be at least 62 years of age, have a low (usually 65% or less) or even a zero balance owed against your home and maintain the property as your principal residence.

Interest rates can be fixed or adjustable and the money is nontaxable. It does not interfere with Social Security or Medicare benefits. Additionally, the 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.

A Reverse mortgage is a good alternative for senior homeowners who need additional income who do not want to or cannot go back too work. Let one of our friendly Reverse Mortgage specialists at Royal Consultants guide you through the process with the utmost care and consideration to you or your loved ones needs. Our Reverse Mortgage Products are very competitive compared to other lenders offering these type of loans.