Reverse Mortgages:the Facts

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In a reverse mortgage (sometimes referred to as a a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without selling their homes. Choosing between a monthly amount, a line of credit, or a one-time payment, you can get a loan amount determined by your home equity. Paying back your loan isn't necessary until after the borrower sells the property, moves (such as to a care facility) or dies. You or representative of your estate has to pay back the reverse mortgage loan, interest , and other finance charges at the time your home is sold, or you are no longer living in it.

Are you Eligible?

Generally, reverse mortgages require youto be at least 62 years old, have a small or zero balance owed against your home and use the home as your principal living place.

Homeowners who are on a limited income and need additional funds find reverse mortgages advantageous for their circumstance. Social Security and Medicare benefits will not be affected; and the funds are nontaxable. Reverse Mortgages can have adjustable or fixed rates. Your home can never be in danger of being taken away by the lender or sold without your consent if you outlive the loan term - even if the property value goes below the loan balance. Contact us at 504-866-5626 if you want to explore the benefits of reverse mortgages.

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

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