Is a Reverse Mortgage for You?
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Shopping for a mortgage? We'll be glad to talk about our many mortgage solutions! Call us at 214-300-8756. Ready to begin? Apply Now.
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With a reverse mortgage loan (sometimes referred to as a a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without selling their homes. Deciding how you would like to be paid: by a monthly amount, a line of credit, or a lump sum, you may receive a loan amount determined by your home equity. The borrowed money doesn't have to be paid back until the borrower sells his residence, moves away, or passes away. You or representative of your estate is required to repay the reverse mortgage amount, interest accrued, and other finance charges at the time your property is sold, or you no longer live in it.
Who can Participate?
The conditions of a reverse mortgage typically are being 62 or older, maintaining your property as your main living place, and having a small balance on your mortgage or having paid it off.
Reverse mortgages are helpful for homeowners who are retired or no longer working but must add to their fixed income. Rates of interest can be fixed or adjustable while the funds are nontaxable and do not affect Medicare or Social Security benefits. The lending institution isn't able to take the property away if you outlive your loan nor can you be obligated to sell your home to repay the loan even when the balance grows to exceed current property value. If you would like to learn more about reverse mortgages, feel free to contact us at 214-300-8756.
F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) can answer questions about reverse mortgages and many others. Give us a call at 214-300-8756.