Reverse Mortgages

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Reverse mortgages (also called "home equity conversion loans") give older homeowners the ability to tap into equity without selling their home. Deciding how you prefer to be paid: by a monthly payment, a line of credit, or a one-time payment, you may receive a loan amount determined by your equity. The borrowed money doesn't have to be paid back until the homeowner sells his home, moves away, or passes away. When your home has been sold or is no longer used as your primary residence, you (or your estate) have to repay the lender for the funds you received from the reverse mortgage in addition to interest and other fees.

Who is Able to Participate?

The requirements of a reverse mortgage loan normally are being 62 or older, maintaining your home as your primary residence, and having a small balance on your mortgage or having paid it off.

Reverse mortgages can be ideal for homeowners who are retired or no longer bringing home a paycheck and have a need to add to their fixed income. Interest rates may be fixed or adjustable while the money is nontaxable and does not affect Medicare or Social Security benefits. The home is never in danger of being taken away by the lender or sold without your consent if you outlive the loan term - even if the property value goes under the balance of the loan. If you'd like to find out more about reverse mortgages, feel free to contact us at 561-395-4264.

At Alternative Mortgage Group, we answer questions about reverse mortgages every day. Give us a call at 561-395-4264.

Alternative Mortgage Group

80 SW 14 Ave
Boca Raton, FL 33486