Is a Reverse Mortgage for You?

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Reverse mortgages (sometimes called "home equity conversion loans") give older homeowners the ability to benefit from their home equity without selling their home. Deciding how you would like to be paid: by a monthly payment, a line of credit, or a lump sum, you can receive a loan amount determined by your home equity. Paying back your loan isn't required until the borrower sells the home, moves (such as into a retirement community) or passes away. You or representative of your estate must pay back the reverse mortgage amount, interest , and other finance fees after your property is sold, or you no longer live in it.

Who is Eligible?

Typically, reverse mortgages are available for borrowers at least 62 years of age, have a small or zero balance in a mortgage and use the house as your main living place.

Homeowners who are on a fixed income and need additional money find reverse mortgages ideal for their circumstance. Rates of interest can be fixed or adjustable and the funds are nontaxable and do not adversely affect Social Security or Medicare benefits. Your home can never be in danger of being taken away from you by the lender or put up for sale without your consent if you live past the loan term - even if the property value goes below the loan balance. Contact us at 310-379-5997 if you want to explore the advantages of reverse mortgages.

Real Property Finance can walk you through the pitfalls of getting a reverse mortgage. Give us a call: 310-379-5997.

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