Reverse Mortgages

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Reverse mortgages (also called "home equity conversion loans") enable older homeowners to use their equity without having to sell their home. Choosing between a monthly payment, a line of credit, or a lump sum, you can take out a loan amount determined by your equity. The loan does not have to be repaid until the borrower sells his home, moves away, or dies. You or representative of your estate is obligated to pay back the reverse mortgage loan, interest accrued, and other finance charges at the time your house is sold, or you can no longer call it your primary residence.

Who is Eligible?

Usually, reverse mortgages are offered to borrowers who are at least sixty-two years of age, have a small or zero balance owed against the home and use the house as your main residence.

Many homeowners who live on a limited income and need additional money find reverse mortgages advantageous for their circumstance. Social Security and Medicare benefits are not affected; and the funds are not taxable. Reverse Mortgages may have adjustable or fixed rates. The house can never be at risk of being taken away from you by the lending institution or put up for sale without your consent if you live longer than your loan term - even if the property value dips below the balance of the loan. Call us at 504-866-5626 if you would like to explore the benefits of reverse mortgages.

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

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