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Reverse mortgages (also called "home equity conversion loans") enable older homeowners to tap into built-up equity without selling their home. Deciding how you'd prefer to to receive your money: by a monthly amount, a line of credit, or a one-time payment, you can receive a loan amount determined by your home equity. The loan does not have to be repaid until the homeowner sells the residence, moves out, or dies. After you sell your property or is no longer used as your main residence, you (or your estate) are required to repay the lender for the funds you obtained from the reverse mortgage plus interest among other finance charges.
Who is Eligible?
Usually, reverse mortgages require youto be at least sixty-two years old, have a low or zero balance owed against your home and maintain the home as your main residence.
Reverse mortgages can be ideal for homeowners who are retired or no longer bringing home a paycheck but must supplement their income. Rates of interest may be fixed or adjustable and the money is nontaxable and doesn't adversely affect Medicare or Social Security benefits. The residence is never in danger of being taken away from you by the lender or sold against your will if you live past the loan term - even if the current property value dips below the loan balance. If you'd like to find out more about reverse mortgages, please contact us at 800-252-6633.
At Metro Mortgage, we answer questions about reverse mortgages every day. Call us at 800-252-6633.