Reverse Mortgages:the Facts

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Reverse mortgages (also referred to as "home equity conversion loans") give older homeowners the ability to use their built-up equity without selling their home. The lending institution pays you money determined by your home equity amount; you receive a one-time amount, a payment every month or a line of credit. The loan does not have to be paid back until the homeowner sells the home, moves away, or dies. You or an estate representative is obligated to repay the reverse mortgage funds, interest accrued, and other finance charges after your property is sold, or you are no longer living in it.

Are you Eligible?

Usually, reverse mortgages require you be at least sixty-two years of age, have a small or zero balance owed against the home and maintain the home as your main living place.

Reverse mortgages can be appropriate for homeowners who are retired or no longer bringing home a paycheck but need to supplement their limited income. Social Security and Medicare benefits aren't affected; and the money is nontaxable. Reverse Mortgages may have adjustable or fixed interest rates. Your lender cannot take away your residence if you outlive your loan nor will you be required to sell your home to repay your loan even if the loan balance grows to exceed property value. Call us at 214-300-8756 if you would like 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: 214-300-8756.