Is a Reverse Mortgage for You?

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Reverse mortgages (also referred to as "home equity conversion loans") enable older homeowners to benefit from their built-up equity without selling their home. Deciding how you would like to to receive your funds: by a monthly payment amount, a line of credit, or a one-time payment, you can receive 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 your estate representative has to repay the reverse mortgage loan, interest , and other finance charges after your house is sold, or you no longer live in it.

Who is Eligible?

Typically, reverse mortgages are available for borrowers who are at least 62 years of age, have a low or zero balance in a mortgage and use the house as your principal residence.

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 can't be affected; and the money is not taxable. Reverse Mortgages can have adjustable or fixed interest rates. Your lending institution can't take the property away if you outlive your loan nor can you be required to sell your home to repay your loan amount even when the loan balance is determined to exceed property value. Contact us at 248-644-1200 to explore your reverse mortgage options.

At Prime Capital Mortgage Corp, we answer questions about reverse mortgages every day. Give us a call: 248-644-1200.

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