Reverse Mortgages:the Facts

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In a reverse mortgage (sometimes called a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without selling their homes. Deciding how you would prefer to be paid: by a monthly payment amount, a line of credit, or a one-time payment, you can get a loan based on your home equity. The borrowed money does not have to be repaid until the borrower sells the residence, moves out, or dies. You or an estate representative has to pay back the reverse mortgage loan, interest accrued, and finance fees at the time your home is sold, or you no longer live in it.

Are you Eligible?

Generally, reverse mortgages require youto be at least sixty-two years of age, have a small or zero balance in a mortgage and maintain the house as your principal living place.

Reverse mortgages can be appropriate for retired homeowners or those who are no longer bringing home a paycheck and need to supplement their fixed income. Social Security and Medicare benefits are not affected; and the money is not taxable. Reverse Mortgages can have adjustable or fixed interest rates. The residence is never at risk of being taken away from you by the lender or put up for sale without your consent if you live past your loan term - even if the property value creeps below the loan balance. If you would like to find out more about reverse mortgages, feel free to call us at 214-300-8756.

F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) can walk you through the pitfalls of getting a reverse mortgage. Call us: 214-300-8756.



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