Is a Reverse Mortgage for You?

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In a reverse mortgage (also 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 lump sum, you can receive a loan based on your equity. The borrowed money does not have to be paid back until the homeowner sells the residence, moves out, or passes away. You or your estate representative is required to repay the reverse mortgage funds, interest accrued, and other finance fees after your home is sold, or you can no longer call it your primary residence.

Who can Participate?

The requirements of a reverse mortgage loan generally include being sixty-two or older, maintaining your home as your main residence, and holding a small remaining mortgage balance or owning your home outright.

Many homeowners who are on a limited income and have a need for additional funds find reverse mortgages helpful for their circumstance. Interest rates may be fixed or adjustable and the money is nontaxable and doesn't affect Medicare or Social Security benefits. The home will never be at risk of being taken away by the lender or put up for sale without your consent if you live past your loan term - even if the current property value creeps below the loan balance. Call us at 248-644-1200 to look into your reverse mortgage options.

At Prime Capital Mortgage Corp, we answer questions about reverse mortgages every day. Call us at 248-644-1200.

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