Reverse Mortgages:the Facts

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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 having to sell their homes. Choosing between a monthly amount, a line of credit, or a lump sum, you may get a loan amount determined by your home equity. The loan doesn't have to be repaid until the homeowner sells his residence, moves out, or passes away. When you sell your home or is no longer used as your main residence, you (or your estate) are obligated to pay back the lending institution for the funds you received from your reverse mortgage in addition to interest and other finance charges.

Are you Eligible?

The requirements of a reverse mortgage loan often are being 62 or older, maintaining your house as your primary residence, and having a low remaining mortgage balance or having paid it off.

Homeowners who are on a limited income and need additional funds find reverse mortgages helpful for their situation. Interest rates can be fixed or adjustable while the money is nontaxable and doesn't adversely affect Social Security or Medicare benefits. The home will never be at risk of being taken away by the lender or put up for sale against your will if you outlive the loan term - even if the current property value dips below the loan balance. Contact us at 703-288-0777 to discuss your reverse mortgage options.

At Saab Mortgage, we answer questions about reverse mortgages every day. Give us a call: 703-288-0777.

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