Reverse Mortgages

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In a reverse mortgage (also called a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without having to sell their homes. Deciding how you prefer to be paid: by a monthly payment amount, a line of credit, or a lump sum, you may take out a loan based on your home equity. Paying back your loan is not necessary until the time the borrower sells the home, moves (such as to a care facility) or passes away. You or representative of your estate is required to repay the reverse mortgage amount, interest accrued, and finance charges at the time your property is sold, or you no longer live in it.

Who can Participate?

Generally, reverse mortgages are offered to borrowers who are at least sixty-two years of age, have a small or zero balance owed against your home and use the property as your main living place.

Many homeowners who are on a fixed income and find themselves needing additional funds find reverse mortgages ideal for their situation. Interest rates can be fixed or adjustable while the funds are nontaxable and do not affect Social Security or Medicare benefits. Your residence can never be at risk of being taken away from you by the lender or sold against your will if you outlive your loan term - even if the current property value dips below the balance of the loan. Call us at 561-395-4264 to look into your reverse mortgage options.

Alternative Mortgage Group can walk you through the pitfalls of getting a reverse mortgage. Call us: 561-395-4264.