Reverse Mortgages

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Reverse mortgages (also referred to as "home equity conversion loans") give older homeowners the ability to tap into built-up home equity without selling their home. Choosing between a monthly payment amount, a line of credit, or a lump sum, you can take out a loan amount determined by your equity. The borrowed money doesn't have to be paid back until the homeowner sells the home, moves out, or dies. You or representative of your estate is obligated to pay back the reverse mortgage funds, interest , and finance charges when your home is sold, or you can no longer call it your primary residence.

Who is Eligible?

The requirements of a reverse mortgage loan usually are being 62 or older, maintaining your house as your main residence, and having a low balance on your mortgage or owning your home outright.

Reverse mortgages are ideal for homeowners who are retired or no longer working but must add to their income. Social Security and Medicare benefits can't be affected; and the money is not taxable. Reverse Mortgages may have adjustable or fixed rates. The lending institution can't take away your house if you outlive your loan nor can you be made to sell your home to repay your loan amount even when the balance is determined to exceed current property value. Call us at 703-288-0777 to look into your reverse mortgage options.

Saab Mortgage can answer questions about reverse mortgages and many others. Give us a call at 703-288-0777.

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