Reverse Mortgages

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With a reverse mortgage (sometimes referred to as a a home equity conversion loan), borrowers of a certain age may use home equity for anything they need without having to sell their homes. Choosing between a monthly payment amount, a line of credit, or a lump sum, you can take out a loan based on your equity. The loan doesn't have to be paid back until the borrower sells his home, moves out, or passes away. When you sell your property or is no longer used as your primary residence, you (or your estate) are required to pay back the lender for the money you got from the reverse mortgage in addition to interest and other fees.

Are you Eligible?

Typically, reverse mortgages are offered to borrowers at least sixty-two years of age, have a low or zero balance owed against the home and maintain the house as your main residence.

Homeowners who are on a fixed income and find themselves needing additional money find reverse mortgages helpful for their situation. Interest rates may be fixed or adjustable while the money is nontaxable and does not adversely affect Medicare or Social Security benefits. Your residence is never at risk of being taken away by the lender or sold without your consent if you live longer than your loan term - even if the property value dips below the loan balance. Contact us at 8102292820 to explore your reverse mortgage options.

At ADVISORY MORTGAGE, we answer questions about reverse mortgages every day. Give us a call at 8102292820.