Reverse Mortgages:the Facts

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Reverse mortgages (sometimes referred to as "home equity conversion loans") enable older homeowners to use their home equity without having to sell their home. Choosing between a monthly payment amount, a line of credit, or a lump sum, you can get a loan amount determined by your equity. Paying back your loan is not required until the homeowner sells the property, moves (such as to a retirement community) or dies. When you sell your home or is no longer used as your main residence, you (or your estate) are required to repay the lending institution for the cash you obtained from the reverse mortgage in addition to interest among other fees.

Who is Eligible?

The requirements of a reverse mortgage usually are being sixty-two or older, using the house as your primary residence, and holding a small balance on your mortgage or having paid it off.

Reverse mortgages can be advantageous for homeowners who are retired or no longer bringing home a paycheck but have a need to add to their fixed income. Social Security and Medicare benefits are not affected; and the money is not taxable. Reverse Mortgages can have adjustable or fixed interest rates. Your lender isn't able to take away your house if you live past the loan term nor may you be required to sell your residence to pay off your loan amount even when the loan balance is determined to exceed property value. If you would like to find out more about reverse mortgages, feel free to contact us at 8102292820.

ADVISORY MORTGAGE can walk you through the pitfalls of getting a reverse mortgage. Give us a call: 8102292820.