Reverse Mortgages:the Facts
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In a reverse mortgage (sometimes called a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without selling their homes. Deciding how you prefer to to receive your funds: by a monthly payment, a line of credit, or a lump sum, you may take out a loan based on your home equity. Paying back your loan isn't required until after the borrower sells the property, moves (such as into a retirement community) or passes away. When you sell your property or you no longer use it as your primary residence, you (or your estate) are required to repay the lender for the money you obtained from the reverse mortgage plus interest and other fees.
Who is Eligible?
Usually, reverse mortgages are appropriate for homeowners who are at least sixty-two years old, have a small or zero balance owed against the home and maintain the house as your principal residence.
Homeowners who are on a limited income and find themselves needing additional funds find reverse mortgages ideal for their circumstance. Interest rates can be fixed or adjustable while the money is nontaxable and does not adversely affect Medicare or Social Security benefits. Your lending institution can't take away your property if you outlive your loan nor can you be required to sell your home to repay your loan even if the loan balance is determined to exceed current property value. Contact us at 7028359202 to discuss your reverse mortgage options.
City View Group can walk you through the pitfalls of getting a reverse mortgage. Give us a call at 7028359202.
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