Reverse Mortgages:the Facts

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With a reverse mortgage (sometimes called a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without having to sell their homes. Choosing between a monthly payment, a line of credit, or a lump sum, you may receive a loan based on your equity. The borrowed money does not have to be repaid until the borrower sells his home, moves out, or dies. When you sell your home or is no longer used as your main residence, you (or your estate) are obligated to repay the lender for the cash you obtained from your reverse mortgage plus interest and other finance charges.

Are you Eligible?

Generally, reverse mortgages require youto be at least 62 years of age, have a small or zero balance owed against the home and use the property as your main residence.

Reverse mortgages are helpful for retired homeowners or those who are no longer bringing home a paycheck and must supplement their income. Social Security and Medicare benefits won't be affected; and the money is nontaxable. Reverse Mortgages can have adjustable or fixed interest rates. Your lending institution is not able to take away your residence if you live past the loan term nor will you be obligated to sell your residence to pay off the loan amount even when the balance is determined to exceed property value. If you'd like to find out more about reverse mortgages, feel free to contact us at 9722039033.

Not Your Average Lender can walk you through the pitfalls of getting a reverse mortgage. Call us: 9722039033.


Not Your Average Lender

NMLS# 230028

310 East I30 Suite B107
Garland, TX 75043