Is a Reverse Mortgage for You?

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Reverse mortgages (also called "home equity conversion loans") give older homeowners the ability to tap into built-up equity without the necessity of selling their home. The lending institution pays you funds based on your home equity amount; you get a lump sum, a payment every month or a line of credit. The borrowed money does not have to be paid back until the borrower sells the residence, moves out, or passes away. You or an estate representative is required to pay back the reverse mortgage funds, interest accrued, and finance charges at the time your house is sold, or you are no longer living in it.

Who is Eligible?

Most reverse mortgages require you be at least 62 years old, have a small or zero balance owed against the home and use the home as your principal living place.

Reverse mortgages are ideal for homeowners who are retired or no longer bringing home a paycheck but have a need to supplement their limited income. Social Security and Medicare benefits can't be affected; and the money is not taxable. Reverse Mortgages can have adjustable or fixed rates. Your lending institution can't take away your property if you outlive your loan nor can you be made to sell your home to pay off the loan even when the balance is determined to exceed current property value. If you'd like to find out more about reverse mortgages, feel free to contact us at 8102292820.

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