Is a Reverse Mortgage for You? Shopping for a mortgage? We'll be glad to talk about your mortgage needs! Give us a call today at 214-300-8756. Ready to begin? Apply Now. Reverse mortgages (also referred to as "home equity conversion loans") enable older homeowners to use their built-up home equity without having to sell their home. The lender pays out money based on your home equity amount; you get a lump sum, a payment every month or a line of credit. Repayment isn't required until after the borrower sells the property, moves (such as into a care facility) or passes away. You or an estate representative must repay the reverse mortgage amount, interest , and finance fees when your home is sold, or you are no longer living in it. Who is Eligible? The requirements of a reverse mortgage loan generally include being 62 or older, maintaining your home as your primary residence, and having a low balance on your mortgage or having paid it off. Many homeowners who live on a fixed income and have a need for additional money find reverse mortgages ideal for their circumstance. Rates of interest may be fixed or adjustable while the money is nontaxable and doesn't affect Medicare or Social Security benefits. The lending institution isn't able to take the property away if you live past the loan term nor will you be made to sell your home to pay off your loan even when the loan balance grows to exceed property value. Call us at 214-300-8756 if you would like to explore the benefits of reverse mortgages. At F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org), we answer questions about reverse mortgages every day. Call us: 214-300-8756.