Is a Reverse Mortgage for You?

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In a reverse mortgage loan (sometimes called a home equity conversion loan), borrowers of a certain age may use home equity for anything they need without selling their homes. The lending institution gives you money based on the equity you've accrued in your home; you get a one-time amount, a monthly payment or a line of credit. The borrowed money doesn't have to be paid back until the borrower sells his residence, moves out, or passes away. You or an estate representative has to pay back the reverse mortgage loan, interest accrued, and finance charges after your house is sold, or you can no longer use it as your primary residence.

Are you Eligible?

Usually, reverse mortgages are available for homeowners who are at least sixty-two years old, have a small or zero balance in a mortgage and maintain the property as your principal residence.

Reverse mortgages can be appropriate for retired homeowners or those who are no longer bringing home a paycheck but need to add to their income. Rates of interest can be fixed or adjustable and the money is nontaxable and doesn't adversely affect Social Security or Medicare benefits. Your house is never in danger of being taken away from you by the lending institution or put up for sale without your consent if you live longer than the loan term - even if the property value dips below the balance of the loan. Call 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 at 310-379-5997.

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