Reverse Mortgages:the Facts
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Reverse mortgages (sometimes called "home equity conversion loans") give older homeowners the ability to benefit from their built-up equity without having to sell their home. The lender pays you money determined by the equity you've built-up in your home; you receive a lump sum, a payment each month or a line of credit. The borrowed money doesn't have to be repaid until the homeowner sells the home, moves out, or dies. At the time you sell your property or is no longer used as your primary residence, you (or your estate) must pay back the lending institution for the money you obtained from the reverse mortgage in addition to interest and other fees.
Who is Able to Participate?
The conditions of a reverse mortgage loan normally are being 62 or older, maintaining your property as your primary residence, and holding a low balance on your mortgage or having paid it off.
Reverse mortgages can be ideal for homeowners who are retired or no longer bringing home a paycheck but have a need to supplement their fixed income. Social Security and Medicare benefits aren't affected; and the money is nontaxable. Reverse Mortgages may have adjustable or fixed rates. Your lending institution isn't able to take away your home if you outlive your loan nor will you be required to sell your home to repay the loan amount even if the balance is determined to exceed current property value. If you would like to find out more about reverse mortgages, please contact us at (888) 833-5192.
Opportunity Funding can answer questions about reverse mortgages and many others. Call us: (888) 833-5192.