Is a Reverse Mortgage for You?

Are you looking for a new mortgage loan? We can help! Give us a call today at 214-865-7442. Ready to begin? Apply Now.

With a reverse mortgage (also called a home equity conversion loan), borrowers of a certain age may use home equity for anything they need without selling their homes. Choosing between a monthly amount, a line of credit, or a lump sum, you can receive a loan amount determined by your equity. The borrowed money doesn't have to be repaid until the borrower sells the residence, moves away, or passes away. After your home sells or you no longer use it as your main residence, you (or your estate) must pay back the lender for the money you received from the reverse mortgage in addition to interest and other fees.

Who can Participate?

Typically, reverse mortgages require you be at least 62 years of age, have a low or zero balance owed against the home and use the home as your main living place.

Reverse mortgages are ideal for retired homeowners or those who are no longer working and need to add to their limited income. Interest rates may be fixed or adjustable and the money is nontaxable and doesn't affect Social Security or Medicare benefits. The lending institution cannot take the property away if you outlive your loan nor may you be obligated to sell your home to repay the loan amount even when the loan balance is determined to exceed property value. Call us at 214-865-7442 to discuss your reverse mortgage options.

At American Mortgage Advisers, Inc, we answer questions about reverse mortgages every day. Give us a call at 214-865-7442.

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