Is a Reverse Mortgage for You?

Looking for a mortgage loan? We can assist you! Call us at 866-840-8745 x2. Ready to get started? Apply Now.

In a reverse mortgage loan (sometimes referred to as a a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without having to sell their homes. Deciding how you prefer to be paid: by a monthly payment, a line of credit, or a one-time payment, you can take out a loan based on your equity. The loan doesn't have to be repaid until the homeowner sells the residence, moves out, or dies. At the time you sell your property or you no longer use it as your primary residence, you (or your estate) must repay the lender for the money you got from the reverse mortgage plus interest among other fees.

Who is Able to Participate?

The requirements of a reverse mortgage typically are being 62 or older, maintaining your property as your primary living place, and having a small remaining mortgage balance or having paid it off.

Many homeowners who live on a limited income and have a need for additional money find reverse mortgages helpful for their circumstance. Rates of interest can be fixed or adjustable while the funds are nontaxable and don't affect Medicare or Social Security benefits. The lending institution will not take away your house if you outlive your loan nor can you be forced to sell your residence to repay the loan even if the loan balance grows to exceed property value. Contact us at 866-840-8745 x2 if you'd like to explore the advantages of reverse mortgages.

At Carter Financial Solutions, we answer questions about reverse mortgages every day. Call us at 866-840-8745 x2.

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