Is a Reverse Mortgage for You?

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With a reverse mortgage (sometimes referred to as a a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without having to sell their homes. Deciding how you'd prefer to to receive your money: by a monthly amount, a line of credit, or a lump sum, you may take out a loan based on your home equity. Paying back your loan isn't required until the borrower puts his home up for sale, moves (such as into a retirement community) or passes away. You or representative of your estate has to repay the reverse mortgage amount, interest , and other finance fees at the time your property is sold, or you can no longer use it as your primary residence.

Are you Eligible?

The conditions of a reverse mortgage loan typically include being sixty-two or older, using the property as your primary residence, and having a low remaining mortgage balance or having paid it off.

Reverse mortgages can be appropriate for homeowners who are retired or no longer bringing home a paycheck and must add to their income. Interest rates can be fixed or adjustable and the money is nontaxable and does not adversely affect Social Security or Medicare benefits. The home can never be in danger of being taken away from you by the lending institution or put up for sale without your consent if you outlive your loan term - even if the current property value creeps below the balance of the loan. Contact us at 8102292820 if you want to explore the benefits of reverse mortgages.

ADVISORY MORTGAGE can answer questions about reverse mortgages and many others. Call us: 8102292820.