Reverse Mortgages

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With a reverse mortgage loan (also called a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without having to sell their homes. The lender gives you funds based on the equity you've accrued in your home; you receive a lump sum, a payment each month or a line of credit. The loan doesn't have to be paid back until the borrower sells the home, moves away, or passes away. At the time your house sells or is no longer used as your primary residence, you (or your estate) have to pay back the lending institution for the cash you got from the reverse mortgage as well as interest among other fees.

Who can Participate?

Generally, reverse mortgages are offered to homeowners at least 62 years of age, have a low or zero balance owed against your home and maintain the property as your main residence.

Reverse mortgages can be helpful for homeowners who are retired or no longer bringing home a paycheck and must supplement their income. Interest rates can be fixed or adjustable while the money is nontaxable and does not interfere with Medicare or Social Security benefits. Your house is never at risk of being taken away by the lending institution or sold without your consent if you live longer than your loan term - even if the current property value goes below the loan balance. If you would like to find out more about reverse mortgages, feel free to contact us at 561-395-4264.

Alternative Mortgage Group can answer questions about reverse mortgages and many others. Give us a call: 561-395-4264.

Alternative Mortgage Group

80 SW 14 Ave
Boca Raton, FL 33486