Reverse Mortgages

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In a reverse mortgage loan (also called a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without having to sell their homes. Choosing between a monthly amount, a line of credit, or a lump sum, you may get a loan amount determined by your equity. The borrowed money doesn't have to be repaid until the homeowner sells his residence, moves out, or dies. You or your estate representative is obligated to pay back the reverse mortgage loan, interest , and other finance fees at the time your home is sold, or you no longer live in it.

Are you Eligible?

The conditions of a reverse mortgage loan usually include being sixty-two or older, maintaining the home as your main residence, and having a low remaining mortgage balance or having paid it off.

Reverse mortgages are helpful for homeowners who are retired or no longer bringing home a paycheck but have a need to add to their income. Social Security and Medicare benefits are not affected; and the money is nontaxable. Reverse Mortgages can have adjustable or fixed rates. The home is never in danger of being taken away from you by the lender or sold against your will if you live past the loan term - even if the property value creeps under the loan balance. If you'd like to find out more about reverse mortgages, feel free to contact us at 7079640708.

First Equity can walk you through the pitfalls of getting a reverse mortgage. Call us: 7079640708.