Reverse Mortgages

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With a reverse mortgage (sometimes called a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without having to sell their homes. The lender gives you money determined by your home equity amount; you receive a one-time amount, a payment every month or a line of credit. Paying back your loan isn't required until when the borrower puts his home up for sale, moves (such as to a retirement community) or dies. You or representative of your estate has to repay the reverse mortgage funds, interest , and other finance fees after your home is sold, or you are no longer living in it.

Who is Eligible?

Usually, reverse mortgages are available for homeowners at least 62 years of age, have a low or zero balance in a mortgage and use the property as your principal residence.

Many homeowners who are on a fixed income and need additional money find reverse mortgages advantageous for their circumstance. Social Security and Medicare benefits aren't affected; and the funds are nontaxable. Reverse Mortgages may have adjustable or fixed interest rates. The home can never be at risk of being taken away by the lender or sold without your consent if you outlive your loan term - even if the property value dips below the loan balance. If you'd like to find out 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: (727) 478-2797.

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