Reverse Mortgages:the Facts

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Reverse mortgages (sometimes referred to as "home equity conversion loans") give older homeowners the ability to tap into built-up equity without having to sell their home. Deciding how you prefer to to receive your money: by a monthly payment amount, a line of credit, or a one-time payment, you can receive a loan amount determined by your home equity. The borrowed money doesn't have to be repaid until the borrower sells his residence, moves out, or passes away. When you sell your property or is no longer used as your main residence, you (or your estate) are obligated to pay back the lender for the cash you received from the reverse mortgage as well as interest among other finance charges.

Who is Able to Participate?

The conditions of a reverse mortgage generally are being 62 or older, using the property as your primary residence, and having a low balance on your mortgage or owning your home outright.

Homeowners who live on a fixed income and find themselves needing additional funds find reverse mortgages helpful for their circumstance. Social Security and Medicare benefits are not affected; and the funds are not taxable. Reverse Mortgages can have adjustable or fixed rates. Your residence is never at risk of being taken away by the lending institution or sold against your will if you outlive your loan term - even if the property value dips below the loan balance. If you'd like to learn more about reverse mortgages, please 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.



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