Reverse Mortgages

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With a reverse mortgage loan (sometimes called a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without selling their homes. Deciding how you would prefer to to receive your money: by a monthly payment amount, a line of credit, or a lump sum, you may take out a loan based on your equity. Repayment is not necessary until when the homeowner sells the home, moves (such as to a care facility) or passes away. You or your estate representative must repay the reverse mortgage amount, interest , and other finance fees after your property is sold, or you are no longer living in it.

Are you Eligible?

Usually, reverse mortgages are offered to borrowers who are at least sixty-two years old, have a small or zero balance owed against the home and maintain the house as your principal living place.

Many homeowners who are on a limited income and have a need for additional money find reverse mortgages ideal for their situation. Interest rates may be fixed or adjustable and the funds are nontaxable and do not interfere with Social Security or Medicare benefits. The home is never in danger of being taken away from you by the lending institution or put up for sale without your consent if you live longer than the loan term - even if the property value goes below the loan balance. Contact us at 610-565-3600 if you want to explore the advantages of reverse mortgages.

At Curtis Mortgage LLC, we answer questions about reverse mortgages every day. Give us a call: 610-565-3600.