Reverse Mortgages:the Facts

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Reverse mortgages (also called "home equity conversion loans") give older homeowners the ability to tap into built-up home equity without selling their home. Choosing between a monthly payment, a line of credit, or a lump sum, you may take out a loan amount determined by your home equity. Repayment is not necessary until the homeowner puts his home up for sale, moves (such as to a retirement community) or passes away. You or representative of your estate is required to repay the reverse mortgage loan, interest , and finance fees when your house is sold, or you no longer live in it.

Who is Able to Participate?

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

Reverse mortgages are advantageous for retired homeowners or those who are no longer bringing home a paycheck and have a need to add to their fixed income. Social Security and Medicare benefits are not affected; and the money is not taxable. Reverse Mortgages can have adjustable or fixed rates. The house can never be in danger of being taken away from you by the lender or sold without your consent if you live longer than your loan term - even if the current property value goes under the balance of the loan. If you'd like to learn more about reverse mortgages, feel free to contact us at 866-840-8745 x2.

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

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