Is a Reverse Mortgage for You?

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Reverse mortgages (sometimes referred to as "home equity conversion loans") enable older homeowners to tap into equity without having to sell 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 based on your equity. Repayment is not required until when the borrower puts his home up for sale, moves (such as into a retirement community) or passes away. You or your estate representative must repay the reverse mortgage funds, interest accrued, and finance charges at the time your property is sold, or you are no longer living in it.

Who is Eligible?

The requirements of a reverse mortgage often are being sixty-two or older, maintaining your property as your main living place, and holding a low remaining mortgage balance or owning your home outright.

Many homeowners who are on a limited income and have a need for additional funds find reverse mortgages ideal for their circumstance. Rates of interest can be fixed or adjustable and the money is nontaxable and doesn't affect Social Security or Medicare benefits. Your lender can't take away your residence if you live past the loan term nor will you be obligated to sell your residence to pay off the loan amount even if the balance is determined to exceed current property value. If you would like to learn more about reverse mortgages, feel free to call us at 561-395-4264.

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