Reverse Mortgages:the Facts

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In a reverse mortgage loan (sometimes called a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without having to sell their homes. The lender gives you money determined by the equity you've built-up in your home; you get a lump sum, a payment each month or a line of credit. The borrowed money doesn't have to be paid back until the homeowner sells his home, moves out, or dies. You or an estate representative has to pay back the reverse mortgage funds, interest , and finance charges at the time your property is sold, or you can no longer call it your primary residence.

Who is Eligible?

The requirements of a reverse mortgage generally are being 62 or older, maintaining your home as your primary living place, and holding a low balance on your mortgage or owning your home outright.

Reverse mortgages are helpful for homeowners who are retired or no longer working but have a need to add to their limited income. Social Security and Medicare benefits aren't affected; and the funds are nontaxable. Reverse Mortgages can have adjustable or fixed rates. The lender is not able to take away your residence if you outlive your loan nor may you be required to sell your home to repay your loan even when the balance grows to exceed current property value. If you would like to find out more about reverse mortgages, feel free to call us at 866-840-8745 x2.

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

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