Is a Reverse Mortgage for You?

In the market for a mortgage loan? We'd be thrilled to answer your questions about your mortgage needs! Give us a call at 214-300-8756. Ready to get started? Apply Online Now.

With a reverse mortgage (sometimes called a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without selling their homes. Choosing between a monthly payment, a line of credit, or a lump sum, you may get a loan amount determined by your equity. Repayment is not required until when the homeowner puts his home up for sale, moves (such as into a retirement community) or passes away. When you sell your home or you no longer use it as your main residence, you (or your estate) have to pay back the lending institution for the cash you obtained from your reverse mortgage as well as interest among other finance charges.

Are you Eligible?

Generally, reverse mortgages require youto be at least sixty-two years of age, have a small or zero balance in a mortgage and use the home as your main residence.

Many homeowners who are on a limited income and have a need for additional funds find reverse mortgages helpful for their situation. Social Security and Medicare benefits aren't affected; and the funds are not taxable. Reverse Mortgages may have adjustable or fixed rates. The lender cannot take the property away if you live past the loan term nor may you be obligated to sell your residence to repay your loan amount even if the loan balance is determined to exceed property value. Call us at 214-300-8756 to look into your reverse mortgage options.

At F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org), we answer questions about reverse mortgages every day. Give us a call: 214-300-8756.



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