Reverse Mortgages

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With a reverse mortgage (also called a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without selling their homes. Choosing between a monthly payment amount, a line of credit, or a one-time payment, you may get a loan amount determined by your home equity. Repayment is not required until the homeowner sells the home, moves (such as into a retirement community) or dies. You or representative of your estate is obligated to repay the reverse mortgage amount, interest accrued, and finance charges at the time your property is sold, or you can no longer call it your primary residence.

Who is Eligible?

The conditions of a reverse mortgage generally are being sixty-two or older, using the house as your primary residence, and having a small remaining mortgage balance or having paid it off.

Homeowners who live on a fixed income and need additional money find reverse mortgages advantageous for their situation. Rates of interest can be fixed or adjustable while the money is nontaxable and does not interfere with Social Security or Medicare benefits. Your lender cannot take the property away if you outlive your loan nor will you be obligated to sell your home to pay off the loan amount even if the loan balance is determined to exceed property value. If you'd like to learn more about reverse mortgages, please call us at 3149139678.

Bob Rutledge Mortgage can answer questions about reverse mortgages and many others. Give us a call: 3149139678.