Is a Reverse Mortgage for You?

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Reverse mortgages (also called "home equity conversion loans") enable older homeowners to tap into equity without selling their home. Choosing between a monthly payment amount, a line of credit, or a lump sum, you can get a loan based on your equity. The loan doesn't have to be repaid until the homeowner sells his residence, moves away, or dies. You or representative of your estate is required to repay the reverse mortgage funds, interest , and finance charges when your house is sold, or you can no longer use it as your primary residence.

Are you Eligible?

The conditions of a reverse mortgage loan typically are being sixty-two or older, maintaining your home as your primary living place, and having a small balance on your mortgage or owning your home outright.

Reverse mortgages can be ideal for homeowners who are retired or no longer bringing home a paycheck and need to add to their income. Rates of interest can be fixed or adjustable while the money is nontaxable and doesn't adversely affect Medicare or Social Security benefits. Your lending institution can't take the property away if you outlive your loan nor can you be made to sell your home to repay your loan amount even when the balance is determined to exceed current property value. If you would like to find out more about reverse mortgages, please call us at 610-565-3600.

Curtis Mortgage LLC can answer questions about reverse mortgages and many others. Give us a call at 610-565-3600.