Reverse Mortgages:the Facts

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Reverse mortgages (sometimes referred to as "home equity conversion loans") give older homeowners the ability to use their built-up home equity without the necessity of selling their home. Choosing between a monthly amount, a line of credit, or a one-time payment, you can get a loan based on your home equity. The borrowed money doesn't have to be paid back until the homeowner sells his residence, moves out, or dies. When your home has been sold or is no longer used as your main residence, you (or your estate) have to pay back the lending institution for the funds you got from the reverse mortgage as well as interest and other finance charges.

Are you Eligible?

The requirements of a reverse mortgage usually include being 62 or older, maintaining the property as your primary residence, and having a small remaining mortgage balance or owning your home outright.

Homeowners who are on a limited income and have a need for additional funds find reverse mortgages advantageous for their situation. Social Security and Medicare benefits can't be affected; and the funds are not taxable. Reverse Mortgages may have adjustable or fixed rates. The house can never be in danger of being taken away by the lender or sold against your will if you outlive the loan term - even if the current property value goes below the loan balance. If you would like to learn more about reverse mortgages, feel free to contact us at 407-834-3377.

Contemporary Mortgage Services, Inc can answer questions about reverse mortgages and many others. Give us a call at 407-834-3377.

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