Reverse Mortgages

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Reverse mortgages (sometimes referred to as "home equity conversion loans") give older homeowners the ability to tap into built-up equity without having to sell their home. Choosing between a monthly payment amount, a line of credit, or a lump sum, you can receive a loan based on your home equity. Paying back your loan isn't required until after the homeowner sells the property, moves (such as into a care facility) or passes away. You or your estate representative 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?

The conditions of a reverse mortgage loan normally include being 62 or older, using the home as your main residence, and having a small remaining mortgage balance or owning your home outright.

Reverse mortgages are great for homeowners who are retired or no longer bringing home a paycheck but need to supplement their limited income. Social Security and Medicare benefits can't be affected; and the money is not taxable. Reverse Mortgages can have adjustable or fixed rates. Your lender isn't able to take the property away if you outlive your loan nor will you be required to sell your home to pay off the loan amount even if the loan balance is determined to exceed current property value. Call us at 866-840-8745 x2 to discuss your reverse mortgage options.

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

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