Is a Reverse Mortgage for You?

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With a reverse mortgage (sometimes referred to as a a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without selling their homes. Deciding how you would like to to receive your funds: by a monthly payment, a line of credit, or a lump sum, you can take out a loan based on your home equity. The borrowed money does not have to be repaid until the borrower sells the home, moves away, or dies. You or representative of your estate is obligated to pay back the reverse mortgage loan, interest accrued, and finance charges when your house is sold, or you are no longer living in it.

Who is Eligible?

The conditions of a reverse mortgage loan often include being sixty-two or older, maintaining your house as your primary living place, and having a low balance on your mortgage or having paid it off.

Reverse mortgages are great for retired homeowners or those who are no longer bringing home a paycheck but have a need to add to their limited income. Social Security and Medicare benefits are not affected; and the funds are nontaxable. Reverse Mortgages may have adjustable or fixed rates. The lending institution is not able to take away your property if you outlive your loan nor will you be obligated to sell your home to repay your loan even when the loan balance is determined to exceed current property value. If you would like to find out more about reverse mortgages, please call us at 9722039033.

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

Not Your Average Lender

NMLS# 230028

310 East I30 Suite B107
Garland, TX 75043