Is a Reverse Mortgage for You?

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Reverse mortgages (also called "home equity conversion loans") give older homeowners the ability to use their built-up equity without the necessity of selling their home. Deciding how you would prefer to to receive your funds: by a monthly amount, a line of credit, or a one-time payment, you may receive a loan amount determined by your equity. The borrowed money does not have to be repaid until the homeowner sells the residence, moves away, or dies. You or representative of your estate must repay the reverse mortgage amount, interest , and other finance charges when your home is sold, or you can no longer call it your primary residence.

Are you Eligible?

Usually, reverse mortgages are offered to borrowers at least 62 years of age, have a small or zero balance in a mortgage and use the house as your main residence.

Homeowners who are on a limited income and find themselves needing additional funds find reverse mortgages helpful for their circumstance. Rates of interest can be fixed or adjustable while the funds are nontaxable and don't affect Social Security or Medicare benefits. Your house will never be in danger of being taken away from you by the lender or put up for sale without your consent if you outlive your loan term - even if the property value goes under the loan balance. Call us at 407-834-3377 if you'd like to explore the benefits of reverse mortgages.

Contemporary Mortgage Services, Inc can answer questions about reverse mortgages and many others. Call us: 407-834-3377.

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