Reverse Mortgages:the Facts

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In a reverse mortgage (sometimes referred to as a 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 money based on your home equity amount; you get a one-time amount, a monthly payment or a line of credit. The borrowed money doesn't have to be paid back until the homeowner sells his home, moves out, or dies. You or your estate representative must pay back the reverse mortgage loan, interest , and finance charges when your home is sold, or you can no longer call it your primary residence.

Who is Eligible?

The conditions of a reverse mortgage generally are being 62 or older, maintaining your property as your primary living place, and holding a small remaining mortgage balance or having paid it off.

Reverse mortgages are appropriate for homeowners who are retired or no longer working but must add to their fixed income. Rates of interest can be fixed or adjustable and the money is nontaxable and does not adversely affect Medicare or Social Security benefits. Your house will never be in danger of being taken away from you by the lender or put up for sale against your will if you outlive your loan term - even if the property value creeps under the balance of the loan. Call us at 214-300-8756 if you'd like to explore the benefits of reverse mortgages.

At F&T Mortgage, Inc. NMLS # 168839 (, we answer questions about reverse mortgages every day. Call us at 214-300-8756.

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