Reverse Mortgages

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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 anything they need without selling their homes. Deciding how you'd like to to receive your funds: by a monthly payment amount, a line of credit, or a lump sum, you may take out a loan amount determined by your home equity. Paying back your loan is not necessary until the homeowner puts his home up for sale, moves (such as to a retirement community) or dies. You or your estate representative must pay back the reverse mortgage amount, interest , and other finance charges at the time your property is sold, or you no longer live in it.

Who is Eligible?

Usually, reverse mortgages are available for borrowers who are at least 62 years of age, have a low or zero balance owed against the home and maintain the home as your main residence.

Many homeowners who live on a fixed income and have a need for additional funds find reverse mortgages helpful for their situation. Interest rates can be fixed or adjustable and the funds are nontaxable and don't interfere with Medicare or Social Security benefits. Your home will never be at risk of being taken away by the lending institution or put up for sale against your will if you outlive your loan term - even if the current property value goes under the loan balance. If you would like to find out more about reverse mortgages, feel free to contact us at 248-644-1200.

Prime Capital Mortgage Corp can answer questions about reverse mortgages and many others. Call us: 248-644-1200.

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