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Reverse mortgages (sometimes referred to as "home equity conversion loans") give older homeowners the ability to benefit from their built-up equity without the necessity of selling their home. Choosing between a monthly payment amount, a line of credit, or a lump sum, you may take out a loan based on your equity. Paying back your loan is not required until the time the homeowner sells the home, moves (such as into a care facility) or passes away. You or representative of your estate is required to repay the reverse mortgage loan, interest , and other finance charges when your house is sold, or you can no longer use it as your primary residence.
Who is Able to Participate?
Generally, reverse mortgages require you be at least sixty-two years of age, have a low or zero balance in a mortgage and use the property as your principal residence.
Reverse mortgages are helpful for homeowners who are retired or no longer working but must add to their income. Social Security and Medicare benefits can not be affected; and the funds are not taxable. Reverse Mortgages may have adjustable or fixed interest rates. Your residence will never be in danger of being taken away from you by the lending institution or put up for sale against your will if you outlive your loan term - even if the property value goes below the loan balance. Call us at (208) 726-5466 to explore your reverse mortgage options.
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