Reverse Mortgages:the Facts

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Reverse mortgages (also referred to as "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 payment, a line of credit, or a lump sum, you may get a loan amount determined by your home equity. The borrowed money does not have to be repaid until the homeowner sells his residence, moves out, or passes away. You or an estate representative has to repay the reverse mortgage funds, interest accrued, and finance charges when your home is sold, or you can no longer call it your primary residence.

Are you Eligible?

Usually, reverse mortgages are offered to borrowers who are at least 62 years old, have a small or zero balance in a mortgage and use the house as your main living place.

Homeowners who are on a limited income and find themselves needing additional funds find reverse mortgages helpful for their situation. Interest rates can be fixed or adjustable and the funds are nontaxable and do not interfere with Medicare or Social Security benefits. Your lender cannot take the property away if you live past the loan term nor will you be made to sell your home to pay off your loan amount even if the balance is determined to exceed property value. If you would like to find out more about reverse mortgages, feel free to call us at 310-379-5997.

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

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