Is a Reverse Mortgage for You?

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Reverse mortgages (sometimes referred to as "home equity conversion loans") give older homeowners the ability to use their built-up equity without selling their home. The lending institution pays you money based on the equity you've accrued in your home; you get a one-time amount, a monthly payment or a line of credit. The loan doesn't have to be repaid until the borrower sells the residence, moves away, or dies. You or representative of your estate must pay back the reverse mortgage loan, interest accrued, and finance charges at the time your house is sold, or you can no longer use it as your primary residence.

Are you Eligible?

The conditions of a reverse mortgage loan often include being sixty-two or older, using the house as your primary living place, and having a small remaining mortgage balance or having paid it off.

Reverse mortgages can be great for homeowners who are retired or no longer bringing home a paycheck but have a need to supplement their limited income. Rates of interest can be fixed or adjustable and the funds are nontaxable and don't affect Medicare or Social Security benefits. Your lending institution cannot take away your residence if you outlive your loan nor may you be required to sell your home to pay off your loan amount even if the loan balance grows to exceed property value. If you would like to find out more about reverse mortgages, feel free to contact us at (703) 551-4107.

At Churchill Mortgage Company, we answer questions about reverse mortgages every day. Give us a call: (703) 551-4107.

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