Reverse Mortgages

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In 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. Deciding how you prefer to to receive your money: by a monthly payment amount, a line of credit, or a one-time payment, you can take out a loan amount determined by your home equity. Paying back your loan isn't required until when the borrower puts his home up for sale, moves (such as into a care facility) or dies. At the time your house has been sold or you no longer use it as your main residence, you (or your estate) must repay the lender for the money you obtained from your reverse mortgage as well as interest among other finance charges.

Who can Participate?

The conditions of a reverse mortgage loan often are being sixty-two or older, using the home as your primary residence, and holding a small balance on your mortgage or having paid it off.

Reverse mortgages can be ideal for retired homeowners or those who are no longer working and need to supplement their income. Rates of interest can be fixed or adjustable while the funds are nontaxable and don't adversely affect Medicare or Social Security benefits. The house will never be in danger of being taken away from you by the lender or sold against your will if you live past your loan term - even if the current property value creeps under the balance of the loan. Contact us at 3039317879 to look into your reverse mortgage options.

Mutual Security Mortgage can answer questions about reverse mortgages and many others. Give us a call at 3039317879.