Is a Reverse Mortgage for You?
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With a reverse mortgage loan (sometimes called a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without selling their homes. Deciding how you prefer to be paid: by a monthly amount, a line of credit, or a lump sum, you can get a loan based on your equity. Repayment is not required until the time the homeowner sells the home, moves (such as to a care facility) or passes away. At the time you sell your property or is no longer used as your main residence, you (or your estate) are obligated to repay the lending institution for the funds you received from the reverse mortgage as well as interest among other finance charges.
Who is Able to Participate?
The conditions of a reverse mortgage loan often include being 62 or older, maintaining your home as your primary residence, and holding a small remaining mortgage balance or having paid it off.
Reverse mortgages can be ideal for homeowners who are retired or no longer working but have a need to supplement their income. Social Security and Medicare benefits can not be affected; and the funds are nontaxable. Reverse Mortgages can have adjustable or fixed rates. Your house will never be at risk of being taken away from you by the lender or sold without your consent if you outlive the loan term - even if the property value creeps under the loan balance. Call us at (707) 521-3434 Ext. 23 if you'd like to explore the benefits of reverse mortgages.
Allstate Mortgage Company can answer questions about reverse mortgages and many others. Give us a call at (707) 521-3434 Ext. 23.