Reverse Mortgages:the Facts

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Reverse mortgages (sometimes referred to as "home equity conversion loans") enable older homeowners to tap into built-up home equity without selling their home. The lender gives you funds determined by your home equity amount; you get a one-time amount, a monthly payment or a line of credit. Paying back your loan isn't required until the borrower puts his home up for sale, moves (such as to a care facility) or passes away. You or representative of your estate has to pay back the reverse mortgage amount, interest accrued, and other finance charges when your property is sold, or you can no longer call it your primary residence.

Are you Eligible?

Typically, reverse mortgages are offered to homeowners at least sixty-two years old, have a low or zero balance in a mortgage and maintain the property as your main residence.

Reverse mortgages are ideal for homeowners who are retired or no longer working but need to add to their income. Social Security and Medicare benefits can not be affected; and the money is nontaxable. Reverse Mortgages may have adjustable or fixed interest rates. Your house is never in danger of being taken away from you by the lending institution or sold without your consent if you outlive your loan term - even if the current property value creeps below the loan balance. If you'd like to learn more about reverse mortgages, feel free to contact us at 310-379-5997.

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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