Is a Reverse Mortgage for You?

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Reverse mortgages (also referred to as "home equity conversion loans") give older homeowners the ability to tap into home equity without the necessity of selling their home. The lender pays out funds based on your home equity amount; you receive a one-time amount, a monthly payment or a line of credit. Paying back your loan is not necessary until when the borrower sells the property, moves (such as to a retirement community) or dies. After your house sells or you no longer use it as your main residence, you (or your estate) have to pay back the lending institution for the cash you received from the reverse mortgage as well as interest and other fees.

Are you Eligible?

Typically, reverse mortgages require you be at least sixty-two years of age, have a low or zero balance owed against the home and maintain the house as your principal residence.

Homeowners who live on a limited income and need additional money find reverse mortgages advantageous for their circumstance. Interest rates can be fixed or adjustable while the money is nontaxable and does not adversely affect Social Security or Medicare benefits. The lender isn't able to take the property away if you live past the loan term nor will you be obligated to sell your home to pay off the loan even when the loan balance grows to exceed current property value. If you would like to find out more about reverse mortgages, please call us at 214-300-8756.

At F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org), we answer questions about reverse mortgages every day. Call us: 214-300-8756.