Is a Reverse Mortgage for You?

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With a reverse mortgage loan (sometimes called a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without having to sell their homes. The lending institution gives you money based on the equity you've built-up in your home; you get a lump sum, a payment every month or a line of credit. The borrowed money doesn't have to be paid back until the borrower sells the residence, moves out, or passes away. You or representative of your estate must pay back the reverse mortgage loan, interest , and finance charges when your house is sold, or you can no longer use it as your primary residence.

Who is Eligible?

The requirements of a reverse mortgage loan often are being sixty-two or older, using the property as your primary living place, and having a low balance on your mortgage or having paid it off.

Homeowners who live on a limited income and have a need for additional funds find reverse mortgages ideal for their situation. Interest rates can be fixed or adjustable while the funds are nontaxable and do not adversely affect Social Security or Medicare benefits. Your home can never be at risk of being taken away by the lender or put up for sale against your will if you live past the loan term - even if the property value dips under the balance of the loan. Call us at 214-865-7442 if you want 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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