Reverse Mortgages

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In a reverse mortgage loan (also called a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without selling their homes. Choosing between a monthly payment amount, a line of credit, or a lump sum, you may take out a loan based on your equity. The loan does not have to be repaid until the borrower sells his residence, moves away, or passes away. You or your estate representative must pay back the reverse mortgage loan, interest , and finance fees after your house is sold, or you can no longer use it as your primary residence.

Are you Eligible?

The conditions of a reverse mortgage loan normally include being sixty-two or older, using the property as your primary residence, and having a low balance on your mortgage or owning your home outright.

Many homeowners who live on a limited income and have a need for additional money find reverse mortgages ideal for their circumstance. Social Security and Medicare benefits can't be affected; and the funds are nontaxable. Reverse Mortgages may have adjustable or fixed interest rates. The house is never in danger of being taken away by the lender or sold without your consent if you outlive the loan term - even if the current property value dips below the balance of the loan. Call us at 310-379-5997 if you would like to explore the advantages 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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