Reverse Mortgages

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In a reverse mortgage loan (also called a home equity conversion loan), borrowers 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 lump sum, you can get a loan amount determined by your equity. Paying back your loan is not necessary until after the homeowner sells the home, moves (such as into a retirement community) or dies. When you sell your home or you no longer use it as your main residence, you (or your estate) have to pay back the lender for the money you obtained from your reverse mortgage in addition to interest and other finance charges.

Who is Able to Participate?

Generally, reverse mortgages are offered to homeowners who are at least 62 years old, have a low or zero balance owed against your home and maintain the property as your principal living place.

Homeowners who live on a fixed income and find themselves needing additional funds find reverse mortgages advantageous for their situation. Social Security and Medicare benefits aren't affected; and the money is not taxable. Reverse Mortgages may have adjustable or fixed rates. Your house will never be at risk of being taken away from you by the lending institution or put up for sale without your consent if you outlive the loan term - even if the current property value creeps below the balance of the loan. Contact 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: 214-865-7442.

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