Reverse Mortgages:the Facts

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Reverse mortgages (also referred to as "home equity conversion loans") give older homeowners the ability to use their built-up equity without selling their home. Deciding how you'd prefer to to receive your money: by a monthly amount, a line of credit, or a lump sum, you may get a loan amount determined by your home equity. The borrowed money doesn't have to be paid back until the homeowner sells the residence, moves away, or dies. You or your estate representative must pay back the reverse mortgage loan, interest , and other finance fees when your property is sold, or you can no longer use it as your primary residence.

Who can Participate?

Generally, reverse mortgages are offered to homeowners who are at least sixty-two years of age, have a small or zero balance owed against your home and maintain the house as your principal residence.

Homeowners who are on a limited income and find themselves needing additional money find reverse mortgages ideal for their circumstance. Rates of interest may be fixed or adjustable while the funds are nontaxable and do not interfere with Social Security or Medicare benefits. Your home will never be in danger of being taken away from you by the lending institution or sold against your will if you live past your loan term - even if the property value goes under the loan balance. Call us at 504-866-5626 to look into your reverse mortgage options.

Coastal Mortgage Corp. can walk you through the pitfalls of getting a reverse mortgage. Give us a call at 504-866-5626.

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