Reverse Mortgages

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In a reverse mortgage (also referred to as a a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without selling their homes. Choosing between a monthly payment, a line of credit, or a lump sum, you can get a loan based on your equity. The borrowed money doesn't have to be paid back until the borrower sells the home, moves out, or dies. You or your estate representative is required to pay back the reverse mortgage amount, interest accrued, and finance fees at the time your house is sold, or you are no longer living in it.

Are you Eligible?

The conditions of a reverse mortgage usually include being sixty-two or older, using the house as your primary living place, and holding a small balance on your mortgage or having paid it off.

Reverse mortgages are appropriate for homeowners who are retired or no longer bringing home a paycheck and have a need to add to their limited income. Interest rates may be fixed or adjustable and the money is nontaxable and doesn't affect Medicare or Social Security benefits. Your home can never be at risk of being taken away from you by the lender or put up for sale against your will if you live longer than your loan term - even if the current property value creeps under the loan balance. Contact us at (727) 478-2797 to discuss your reverse mortgage options.

C2 Financial Corporation can walk you through the pitfalls of getting a reverse mortgage. Give us a call: (727) 478-2797.

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