Reverse Mortgages

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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. Deciding how you prefer to to receive your money: by a monthly amount, a line of credit, or a one-time payment, you can take out a loan based on your equity. Paying back your loan isn't required until when the borrower puts his home up for sale, moves (such as to a care facility) or passes away. You or your estate representative must repay the reverse mortgage loan, interest accrued, and finance fees when your house is sold, or you can no longer use it as your primary residence.

Are you Eligible?

The conditions of a reverse mortgage loan usually are being 62 or older, maintaining your home as your primary living place, and holding a small balance on your mortgage or owning your home outright.

Reverse mortgages can be helpful for retired homeowners or those who are no longer working but have a need to add to their limited income. Social Security and Medicare benefits aren't affected; and the funds are not taxable. Reverse Mortgages can have adjustable or fixed interest rates. Your lending institution isn't able to take away your property if you outlive your loan nor may you be forced to sell your home to repay the loan even when the balance grows to exceed current property value. Contact us at 214-300-8756 if you want to explore the advantages of reverse mortgages.

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.