Is a Reverse Mortgage for You?

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With a reverse mortgage loan (sometimes referred to as a a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without selling their homes. The lender pays out funds 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 repaid until the homeowner sells the residence, moves out, or dies. When your home has been sold or you no longer use it as your primary residence, you (or your estate) are required to repay the lending institution for the cash you got from the reverse mortgage as well as interest and other finance charges.

Are you Eligible?

Usually, reverse mortgages require youto be at least 62 years of age, have a small or zero balance in a mortgage and maintain the house as your principal residence.

Reverse mortgages are helpful for retired homeowners or those who are no longer working and must supplement their limited income. Interest rates can be fixed or adjustable while the funds are nontaxable and do not affect Medicare or Social Security benefits. The home is never at risk of being taken away from you by the lender or sold without your consent if you outlive the loan term - even if the current property value creeps below the balance of the loan. If you would like to learn more about reverse mortgages, feel free to contact us at (772) 252-6724.

Hometown Financial Services can walk you through the pitfalls of getting a reverse mortgage. Give us a call at (772) 252-6724.

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