Reverse Mortgages:the Facts

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In a reverse mortgage (sometimes 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 lender pays you money based on your home equity amount; you get a lump sum, a monthly payment or a line of credit. The loan doesn't have to be paid back until the borrower sells his residence, moves out, or passes away. You or your estate representative must repay the reverse mortgage amount, interest , and other finance fees at the time your property is sold, or you are no longer living in it.

Who is Eligible?

The conditions of a reverse mortgage loan normally include being 62 or older, using the home as your primary residence, and having a small balance on your mortgage or having paid it off.

Reverse mortgages are ideal for retired homeowners or those who are no longer bringing home a paycheck and need to supplement their income. Rates of interest may be fixed or adjustable and the funds are nontaxable and don't interfere with Medicare or Social Security benefits. The lending institution will not take the property away if you outlive your loan nor may you be obligated to sell your residence to pay off your loan even if the balance grows to exceed current property value. If you would like to learn more about reverse mortgages, feel free to call us at (727) 478-2797.

At C2 Financial Corporation, we answer questions about reverse mortgages every day. Call us at (727) 478-2797.

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