Reverse Mortgages:the Facts

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In a reverse mortgage loan (also called a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without having to sell their homes. The lending institution pays you funds based on the equity you've built-up in your home; you receive a one-time amount, a monthly payment or a line of credit. The borrowed money doesn't have to be paid back until the homeowner sells his residence, moves away, or dies. You or representative of your estate has to repay the reverse mortgage loan, interest accrued, and other finance fees after your house is sold, or you no longer live in it.

Are you Eligible?

Usually, reverse mortgages require youto be at least 62 years old, have a small or zero balance owed against the home and maintain the house as your principal residence.

Reverse mortgages can be great for retired homeowners or those who are no longer bringing home a paycheck and must supplement their income. Interest rates can be fixed or adjustable and the funds are nontaxable and do not interfere with Medicare or Social Security benefits. The lender cannot take the property away if you live past the loan term nor may you be made to sell your home to pay off the loan amount even if the balance is determined to exceed current property value. Contact us at 214-300-8756 if you'd like to explore the advantages of reverse mortgages.

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