Is a Reverse Mortgage for You?
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Reverse mortgages (also referred to as "home equity conversion loans") enable older homeowners to use their equity without having to sell their home. Choosing between a monthly payment, a line of credit, or a lump sum, you can receive a loan amount determined by your home equity. Paying back your loan is not necessary until the homeowner puts his home up for sale, moves (such as to a care facility) or passes away. You or an estate representative must repay the reverse mortgage loan, interest accrued, and finance charges when your property is sold, or you can no longer call it your primary residence.
Who is Able to Participate?
Usually, reverse mortgages require youto be at least 62 years of age, have a small or zero balance owed against your home and maintain the home as your principal living place.
Homeowners who are on a limited income and have a need for additional money find reverse mortgages helpful for their circumstance. Social Security and Medicare benefits aren't affected; and the funds are nontaxable. Reverse Mortgages may have adjustable or fixed interest rates. Your lender will not take the property away if you outlive your loan nor can you be required to sell your home to repay your loan even if the loan balance is determined to exceed property value. Call us at 5627733870 if you would like to explore the advantages of reverse mortgages.
At SquareLend, we answer questions about reverse mortgages every day. Give us a call at 5627733870.