Reverse Mortgages

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Reverse mortgages (also referred to as "home equity conversion loans") enable older homeowners to use their built-up equity without having to sell their home. The lender pays out money based on your home equity amount; you get a one-time amount, a payment each month or a line of credit. Paying back your loan is not required until after the homeowner puts his home up for sale, moves (such as to a care facility) or dies. When you sell your home or you no longer use it as your primary residence, you (or your estate) must pay back the lender for the money you obtained from the reverse mortgage as well as interest among other finance charges.

Who is Eligible?

Usually, reverse mortgages are offered to homeowners at least 62 years of age, have a small or zero balance in a mortgage and maintain the house as your principal living place.

Many homeowners who are on a fixed income and have a need for additional funds find reverse mortgages advantageous for their circumstance. Rates of interest can be fixed or adjustable and the money is nontaxable and doesn't interfere with Social Security or Medicare benefits. The lending institution can't take the property away if you live past the loan term nor can you be obligated to sell your home to pay off your loan even if the loan balance grows to exceed current property value. Call us at 214-300-8756 to look into 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: 214-300-8756.



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