Reverse Mortgages:the Facts

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With a reverse mortgage loan (sometimes called a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without having to sell their homes. Choosing between a monthly amount, a line of credit, or a one-time payment, you can receive a loan based on your equity. Repayment is not required until the time the borrower puts his home up for sale, moves (such as into a care facility) or dies. You or representative of your estate is required to repay the reverse mortgage loan, interest accrued, and other finance fees after your property is sold, or you are no longer living in it.

Who is Eligible?

The requirements of a reverse mortgage loan normally include being 62 or older, maintaining your property as your main living place, and having a small remaining mortgage balance or having paid it off.

Reverse mortgages can be ideal for retired homeowners or those who are no longer bringing home a paycheck and must add to their limited income. Rates of interest can be fixed or adjustable and the funds are nontaxable and don't affect Social Security or Medicare benefits. The lender can't take the property away if you live past the loan term nor can you be required to sell your home to pay off the loan even when the loan balance is determined 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. Call us at 214-300-8756.



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