Is a Reverse Mortgage for You?
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Reverse mortgages (sometimes called "home equity conversion loans") give older homeowners the ability to use their built-up equity without selling their home. The lending institution pays out money determined by the equity you've built-up in your home; you receive a one-time amount, a monthly payment or a line of credit. Repayment isn't necessary until the time the borrower puts his home up for sale, moves (such as to a care facility) or passes away. After you sell your home or is no longer used as your primary residence, you (or your estate) are required to repay the lender for the money you obtained from your reverse mortgage plus interest and other fees.
Who is Eligible?
The conditions of a reverse mortgage typically include being sixty-two or older, maintaining your property as your primary residence, and holding a small balance on your mortgage or having paid it off.
Reverse mortgages can be ideal for retired homeowners or those who are no longer working but have a need to add to their limited income. Social Security and Medicare benefits are not affected; and the funds are not taxable. Reverse Mortgages can have adjustable or fixed interest rates. The house is never in danger of being taken away from you by the lender or sold against your will if you outlive the loan term - even if the current property value dips under the loan balance. If you'd like to learn more about reverse mortgages, feel free to call us at 201-998-9050.
Keypoint Mortgage can answer questions about reverse mortgages and many others. Give us a call: 201-998-9050.
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