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Reverse mortgages (also referred to as "home equity conversion loans") give older homeowners the ability to tap into built-up equity without having to sell their home. Choosing between a monthly payment, a line of credit, or a one-time payment, you can get a loan based on your home equity. Paying back your loan is not necessary until after the homeowner sells the property, moves (such as to a care facility) or passes away. You or representative of your estate has to repay the reverse mortgage amount, interest accrued, and other finance fees after your home is sold, or you are no longer living in it.
Who is Eligible?
Usually, reverse mortgages require you be at least sixty-two years old, have a small or zero balance owed against the home and use the home as your main residence.
Reverse mortgages can be advantageous for retired homeowners or those who are no longer bringing home a paycheck and must supplement their income. Rates of interest may be fixed or adjustable while the money is nontaxable and does not adversely affect Medicare or Social Security benefits. Your residence is never at risk of being taken away from you by the lending institution or put up for sale against your will if you live longer than your loan term - even if the property value dips under the balance of the loan. If you would like to find out more about reverse mortgages, please contact us at (808) 264-3715.
Mann Mortgage can answer questions about reverse mortgages and many others. Give us a call at (808) 264-3715.
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