Reverse Mortgages:the Facts

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Reverse mortgages (sometimes referred to as "home equity conversion loans") enable older homeowners to tap into home equity without the necessity of selling their home. The lending institution gives you money determined by the equity you've accrued in your home; you get a one-time amount, a payment every month or a line of credit. Repayment is not required until after the homeowner sells the property, moves (such as into a retirement community) or dies. When you sell your home or is no longer used as your primary residence, you (or your estate) are obligated to repay the lending institution for the cash you obtained from your reverse mortgage as well as interest among other fees.

Who is Eligible?

Generally, reverse mortgages require youto be at least sixty-two years old, have a small or zero balance in a mortgage and use the house as your principal living place.

Many homeowners who are on a limited income and find themselves needing additional money find reverse mortgages helpful for their circumstance. Rates of interest may be fixed or adjustable while the funds are nontaxable and don't affect Medicare or Social Security benefits. The residence can never be in danger of being taken away from you by the lender or sold against your will if you outlive the loan term - even if the current property value dips under the loan balance. Contact us at 941-504-1445 to look into your reverse mortgage options.

At Sherry Bitner, we answer questions about reverse mortgages every day. Give us a call at 941-504-1445.

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