Reverse Mortgages

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Reverse mortgages (sometimes called "home equity conversion loans") enable older homeowners to use their home equity without having to sell their home. Choosing between a monthly amount, a line of credit, or a one-time payment, you may receive a loan amount determined by your home equity. The borrowed money does not have to be repaid until the homeowner sells the home, moves out, or dies. You or representative of your estate must repay the reverse mortgage loan, interest , and finance charges at the time your property is sold, or you can no longer use it as your primary residence.

Are you Eligible?

The conditions of a reverse mortgage loan typically include being sixty-two or older, using the house as your main residence, and having a low balance on your mortgage or having paid it off.

Many homeowners who are on a limited income and have a need for additional funds find reverse mortgages ideal for their situation. Social Security and Medicare benefits aren't affected; and the funds are nontaxable. Reverse Mortgages can have adjustable or fixed interest rates. The lending institution will not take the property away if you live past the loan term nor may you be forced to sell your residence to repay your loan even when the loan balance grows to exceed property value. Call us at 504-866-5626 to look into your reverse mortgage options.

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

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