Reverse Mortgages

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In a reverse mortgage loan (sometimes referred to as a 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, a line of credit, or a one-time payment, you may get a loan based on your equity. The borrowed money doesn't have to be repaid until the homeowner sells his home, moves out, or passes away. You or an estate representative must pay back the reverse mortgage funds, interest , and other finance fees at the time your property is sold, or you can no longer call it your primary residence.

Are you Eligible?

The requirements of a reverse mortgage loan generally include being sixty-two or older, using the property as your main residence, and having a small balance on your mortgage or having paid it off.

Homeowners who are on a fixed income and need additional funds find reverse mortgages helpful for their situation. Interest rates may be fixed or adjustable and the money is nontaxable and doesn't affect Social Security or Medicare benefits. The lending institution cannot take away your property if you outlive your loan nor may you be required to sell your home to pay off the loan amount even when the balance grows to exceed property value. Call us at 214-300-8756 to discuss your reverse mortgage options.

F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) can walk you through the pitfalls of getting a reverse mortgage. Give us a call at 214-300-8756.



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