Reverse Mortgages:the Facts

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With a reverse mortgage loan (also called a home equity conversion loan), borrowers of a certain age may use home equity for anything they need without having to sell their homes. Choosing between a monthly payment amount, a line of credit, or a lump sum, you can get a loan based on your home equity. Paying back your loan is not required until when the homeowner puts his home up for sale, moves (such as into a care facility) or dies. You or your estate representative is required to pay back the reverse mortgage amount, interest accrued, and other finance fees after your house is sold, or you can no longer call it your primary residence.

Are you Eligible?

Usually, reverse mortgages require youto be at least 62 years old, have a small or zero balance in a mortgage and maintain the property as your principal residence.

Homeowners who are on a limited income and have a need for additional money find reverse mortgages helpful for their circumstance. Social Security and Medicare benefits can't be affected; and the money is not taxable. Reverse Mortgages can have adjustable or fixed rates. Your lender can't take away your property if you outlive your loan nor may you be made to sell your residence to pay off the loan amount even if the loan balance is determined to exceed current property value. Contact us at (816) 525-8000 & (81 if you would like to explore the advantages of reverse mortgages.

Executive Lending Group, LLC can answer questions about reverse mortgages and many others. Give us a call at (816) 525-8000 & (81.

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