Is a Reverse Mortgage for You?

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With a reverse mortgage (sometimes referred to as a a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without having to sell their homes. Choosing between a monthly payment, a line of credit, or a one-time payment, you can get a loan amount determined by your equity. The borrowed money doesn't have to be repaid until the homeowner sells the residence, moves away, or passes away. After you sell your home or is no longer used as your primary residence, you (or your estate) have to pay back the lender for the money you obtained from the reverse mortgage as well as interest among other fees.

Who is Eligible?

The conditions of a reverse mortgage normally include being sixty-two or older, using the house as your main residence, and holding a low remaining mortgage balance or owning your home outright.

Homeowners who are on a limited income and find themselves needing additional funds find reverse mortgages ideal for their situation. Interest rates may be fixed or adjustable and the money is nontaxable and does not interfere with Medicare or Social Security benefits. Your residence is never in danger of being taken away by the lending institution or put up for sale without your consent if you outlive the loan term - even if the current property value goes below the balance of the loan. Call us at 504-866-5626 to discuss your reverse mortgage options.

At Coastal Mortgage Corp., we answer questions about reverse mortgages every day. Call us: 504-866-5626.

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