Is a Reverse Mortgage for You?
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Reverse mortgages (sometimes called "home equity conversion loans") enable older homeowners to benefit from their built-up home equity without the necessity of selling their home. The lender gives you money based on your home equity amount; you receive a lump sum, a monthly payment or a line of credit. Paying back your loan isn't necessary until the time the homeowner puts his home up for sale, moves (such as into a retirement community) or dies. You or representative of your estate is obligated to repay the reverse mortgage amount, interest accrued, and other finance charges at the time your property is sold, or you can no longer use it as your primary residence.
Who is Able to Participate?
Generally, reverse mortgages require youto be at least sixty-two years old, have a low or zero balance owed against the home and maintain the property as your main residence.
Homeowners who are on a fixed income and find themselves needing additional money find reverse mortgages advantageous for their circumstance. Social Security and Medicare benefits will not be affected; and the funds are not taxable. Reverse Mortgages can have adjustable or fixed interest rates. The residence is never in danger of being taken away by the lender or put up for sale against your will if you outlive your loan term - even if the property value dips under the loan balance. Contact us at 203-730-4070 to discuss your reverse mortgage options.
Mortgage Affiliates of America, Inc. can walk you through the pitfalls of getting a reverse mortgage. Call us: 203-730-4070.
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