Reverse Mortgages

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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 would like to to receive your funds: by a monthly payment, a line of credit, or a one-time payment, you can receive a loan based on your equity. The loan doesn't have to be paid back until the borrower sells the home, moves out, or dies. When you sell your property or you no longer use it as your primary residence, you (or your estate) are required to repay the lender for the money you got from your reverse mortgage plus interest among other finance charges.

Who is Eligible?

The conditions of a reverse mortgage loan usually include being 62 or older, using the house as your primary living place, and holding a small balance on your mortgage or owning your home outright.

Homeowners who live on a limited income and find themselves needing additional money find reverse mortgages ideal for their circumstance. Social Security and Medicare benefits are not affected; and the funds are nontaxable. Reverse Mortgages can have adjustable or fixed interest rates. Your lender cannot take the property away if you live past the loan term nor may you be made to sell your residence to repay your loan even when the loan balance grows to exceed current property value. Contact us at 504-866-5626 to discuss your reverse mortgage options.

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

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