This type of mortgage is suitable for older homeowners, allowing homeowners to convert a part of their equity to cash without selling the property. Although it does not require monthly mortgage payments, homeowners earn an advance on the amount of their home equity. The money received is non-taxable and will not affect Social Security or Medicare benefits.
However, if the last surviving borrower becomes deceased, the loan must be repaid.
Please click here to contact a Pacific Property Loans’ Loan Officer to learn more.