Reverse Mortgages

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In a reverse mortgage loan (sometimes referred to as a a home equity conversion loan), borrowers of a certain age may use home equity for anything they need without selling their homes. Deciding how you'd prefer to be paid: by a monthly payment, a line of credit, or a one-time payment, you can take out a loan amount determined by your equity. Repayment isn't necessary until the time the homeowner sells the property, moves (such as to a retirement community) or passes away. After you sell your property or you no longer use it as your main residence, you (or your estate) must repay the lending institution for the cash you received from your reverse mortgage as well as interest among other fees.

Who is Eligible?

Generally, reverse mortgages require you be at least 62 years of age, have a small or zero balance in a mortgage and maintain the home as your main living place.

Homeowners who live on a limited income and have a need for additional money find reverse mortgages ideal for their situation. Social Security and Medicare benefits are not affected; and the money is not taxable. Reverse Mortgages may have adjustable or fixed interest rates. The lending institution will not take away your house if you live past the loan term nor can you be obligated to sell your home to repay the loan even when the loan balance is determined to exceed property value. If you'd like to learn more about reverse mortgages, please contact us at 214-865-7442.

American Mortgage Advisers, Inc can answer questions about reverse mortgages and many others. Give us a call at 214-865-7442.

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