Is a Reverse Mortgage for You?
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Reverse mortgages (also called "home equity conversion loans") give older homeowners the ability to benefit from their equity without selling their home. Choosing between a monthly amount, a line of credit, or a one-time payment, you may take out a loan amount determined by your equity. The borrowed money doesn't have to be paid back until the homeowner sells his home, moves out, or passes away. When you sell your property or is no longer used as your main residence, you (or your estate) have to repay the lender for the cash you got from your reverse mortgage plus interest among other fees.
Are you Eligible?
Most reverse mortgages require youto be at least sixty-two years of age, have a low or zero balance in a mortgage and use the home as your principal living place.
Reverse mortgages can be helpful for homeowners who are retired or no longer bringing home a paycheck but must supplement their fixed income. Social Security and Medicare benefits will not be affected; and the money is not taxable. Reverse Mortgages may have adjustable or fixed rates. The residence can never be in danger of being taken away by the lending institution or sold without your consent if you live past your loan term - even if the property value dips under the balance of the loan. Contact us at 951-246-9944 to discuss your reverse mortgage options.