Is a Reverse Mortgage for You?

In the market for a new mortgage loan? We can help! Give us a call at 310-379-5997. Want to get started? Apply Here.

Reverse mortgages (also called "home equity conversion loans") give older homeowners the ability to use their built-up equity without having to sell their home. Choosing between a monthly amount, a line of credit, or a lump sum, you may receive a loan amount determined by your home equity. The loan doesn't have to be paid back until the homeowner sells his home, moves out, or dies. You or representative of your estate must repay the reverse mortgage amount, interest , and finance charges at the time your home is sold, or you no longer live in it.

Are you Eligible?

The requirements of a reverse mortgage loan typically are being 62 or older, using the home as your primary living place, and holding a low balance on your mortgage or having paid it off.

Reverse mortgages are helpful for retired homeowners or those who are no longer working and need to add to their income. Social Security and Medicare benefits aren't affected; and the money is nontaxable. Reverse Mortgages can have adjustable or fixed rates. The house is never at risk of being taken away from you by the lender or put up for sale against your will if you live past the loan term - even if the current property value dips under the loan balance. Call us at 310-379-5997 if you want to explore the benefits of reverse mortgages.

At Real Property Finance, we answer questions about reverse mortgages every day. Give us a call at 310-379-5997.

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