Reverse Mortgages

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With a reverse mortgage (also referred to as a a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without having to sell their homes. Choosing between a monthly payment amount, a line of credit, or a lump sum, you may receive a loan based on your equity. Repayment is not necessary until the borrower sells the home, moves (such as into a retirement community) or passes away. You or your estate representative must repay the reverse mortgage funds, interest , and other finance fees when your property is sold, or you are no longer living in it.

Who is Eligible?

Usually, reverse mortgages require you be at least 62 years of age, have a low or zero balance owed against your home and use the property as your main living place.

Many homeowners who live on a fixed income and need additional funds find reverse mortgages helpful for their situation. Rates of interest can be fixed or adjustable while the money is nontaxable and does not interfere with Medicare or Social Security benefits. The lender will not take the property away if you outlive your loan nor will you be made to sell your home to repay the loan even when the loan balance is determined to exceed property value. Contact us at 504-866-5626 if you'd like to explore the benefits of reverse mortgages.

Coastal Mortgage Corp. can answer questions about reverse mortgages and many others. Call us: 504-866-5626.

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