Reverse Mortgages

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Reverse mortgages (sometimes referred to as "home equity conversion loans") enable older homeowners to use their built-up home equity without the necessity of selling their home. Deciding how you would prefer to to receive your money: by a monthly amount, a line of credit, or a one-time payment, you may get a loan amount determined by your equity. The borrowed money doesn't have to be repaid until the homeowner sells the home, moves away, or dies. At the time you sell your home or is no longer used as your primary residence, you (or your estate) are required to repay the lending institution for the funds you got from the reverse mortgage plus interest and other finance charges.

Who is Able to Participate?

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

Many homeowners who live on a limited income and have a need for additional funds find reverse mortgages advantageous for their situation. Rates of interest can be fixed or adjustable while the money is nontaxable and does not affect Medicare or Social Security benefits. The home is never in danger of being taken away from you by the lending institution or sold against your will if you outlive your loan term - even if the current property value creeps under the balance of the loan. Contact us at 407-834-3377 if you'd like to explore the advantages of reverse mortgages.

At Contemporary Mortgage Services, Inc, we answer questions about reverse mortgages every day. Call us at 407-834-3377.

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