Is a Reverse Mortgage for You?

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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. Choosing between a monthly payment amount, a line of credit, or a one-time payment, you may take out a loan based on your home equity. The borrowed money doesn't have to be paid back until the borrower sells the home, moves out, or dies. At the time you sell your property or you no longer use it as your primary residence, you (or your estate) must pay back the lender for the cash you got from the reverse mortgage as well as interest among other finance charges.

Who is Eligible?

The requirements of a reverse mortgage loan normally include being sixty-two or older, maintaining the home as your main living place, and holding a low balance on your mortgage or owning your home outright.

Many homeowners who live on a fixed income and need additional funds find reverse mortgages helpful for their situation. Interest rates may be fixed or adjustable while the money is nontaxable and doesn't affect Social Security or Medicare benefits. The residence is never in danger of being taken away from you by the lending institution or sold without your consent if you live longer than your loan term - even if the property value creeps below the loan balance. Contact us at 214-865-7442 if you'd like to explore the advantages of reverse mortgages.

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

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