Reverse Mortgages:the Facts

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Reverse mortgages (sometimes referred to as "home equity conversion loans") give older homeowners the ability to use their built-up home equity without having to sell their home. Choosing between a monthly payment, a line of credit, or a one-time payment, you can get a loan amount determined by your home equity. Repayment isn't required until the homeowner sells the home, moves (such as into a care facility) or dies. When you sell your property or you no longer use it as your primary residence, you (or your estate) are obligated to pay back the lender for the money you received from your reverse mortgage as well as interest and other fees.

Who is Eligible?

Usually, reverse mortgages are offered to borrowers who are at least sixty-two years old, have a low or zero balance owed against your home and maintain the property as your main living place.

Reverse mortgages are great for retired homeowners or those who are no longer working and have a need to supplement their income. Social Security and Medicare benefits will not be affected; and the money is nontaxable. Reverse Mortgages may have adjustable or fixed interest rates. The home is never at risk of being taken away from you by the lender or put up for sale without your consent if you live past your loan term - even if the property value goes under the loan balance. Call us at 310-379-5997 if you would like to explore the benefits 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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