Is a Reverse Mortgage for You?
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Reverse mortgages (sometimes called "home equity conversion loans") give older homeowners the ability to tap into built-up home equity without having to sell their home. The lender gives you funds determined by the equity you've built-up in your home; you receive a one-time amount, a payment every month or a line of credit. The borrowed money does not have to be paid back until the borrower sells the residence, moves away, or dies. You or your estate representative must repay the reverse mortgage funds, interest , and other finance charges at the time your property is sold, or you are no longer living in it.
Who can Participate?
The requirements of a reverse mortgage loan generally are being 62 or older, using the property as your primary residence, and having a small remaining mortgage balance or owning your home outright.
Homeowners who are on a fixed income and have a need for additional money find reverse mortgages ideal for their circumstance. Interest rates may be fixed or adjustable while the funds are nontaxable and don't interfere with Social Security or Medicare benefits. Your home can never be at risk of being taken away from you by the lending institution or put up for sale against your will if you live longer than your loan term - even if the current property value dips below the balance of the loan. Contact us at 4808226290 to discuss your reverse mortgage options.
Citywide Home Loans can answer questions about reverse mortgages and many others. Give us a call at 4808226290.
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