Is a Reverse Mortgage for You?

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With a reverse mortgage loan (also called a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without having to sell their homes. Deciding how you'd prefer to be paid: by a monthly payment, a line of credit, or a lump sum, you may get a loan amount determined by your equity. Paying back your loan is not required until the time the homeowner sells the home, moves (such as into a care facility) or dies. You or representative of your estate has to repay the reverse mortgage funds, interest , and finance fees at the time your home is sold, or you can no longer call it your primary residence.

Are you Eligible?

The conditions of a reverse mortgage loan normally are being sixty-two or older, using the house as your main residence, and holding a small remaining mortgage balance or owning your home outright.

Reverse mortgages can be great for homeowners who are retired or no longer working but must 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 rates. Your lending institution cannot take away your residence if you outlive your loan nor may you be obligated to sell your residence to repay your loan amount even if the balance grows to exceed current property value. Contact us at (800) 299-0270 to discuss your reverse mortgage options.

Back Bay Funding can answer questions about reverse mortgages and many others. Give us a call at (800) 299-0270.