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Reverse mortgages (sometimes referred to as "home equity conversion loans") enable older homeowners to use their home equity without the necessity of selling their home. Choosing between a monthly payment, a line of credit, or a one-time payment, you can take out a loan based on your equity. Repayment isn't necessary until when the homeowner sells the home, moves (such as to a retirement community) or dies. When your home sells or is no longer used as your main residence, you (or your estate) must pay back the lending institution for the funds you obtained from your reverse mortgage in addition to interest and other finance charges.
Who is Able to Participate?
The conditions of a reverse mortgage normally include being sixty-two or older, using the home as your main living place, and having a small remaining mortgage balance or owning your home outright.
Many homeowners who are on a fixed income and need additional money find reverse mortgages ideal for their circumstance. Social Security and Medicare benefits will not be affected; and the money is not taxable. Reverse Mortgages can have adjustable or fixed rates. Your lender is not able to take the property away if you outlive your loan nor can you be obligated to sell your residence to pay off the loan amount even if the balance grows to exceed property value. If you'd like to learn more about reverse mortgages, feel free to call us at (949) 249-3067.
At The Mortgage Partner, we answer questions about reverse mortgages every day. Call us: (949) 249-3067.
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