Reverse Mortgages

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With a reverse mortgage (sometimes referred to as a a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without selling their homes. The lender pays you funds determined by the equity you've built-up in your home; you get a lump sum, a payment each month or a line of credit. Repayment is not necessary until the borrower puts his home up for sale, moves (such as to a care facility) or passes away. You or an estate representative must repay the reverse mortgage funds, interest accrued, and other finance fees at the time your home is sold, or you no longer live in it.

Who can Participate?

Most reverse mortgages require youto be at least sixty-two years of age, have a low or zero balance in a mortgage and maintain the home as your principal living place.

Homeowners who are on a fixed income and find themselves needing additional funds find reverse mortgages ideal for their circumstance. Interest rates can be fixed or adjustable while the funds are nontaxable and do not affect Social Security or Medicare benefits. The house can never be at risk of being taken away by the lender or sold without your consent if you outlive the loan term - even if the property value creeps below the loan balance. Contact us at (760) 632-7701 if you want to explore the benefits of reverse mortgages.

Asset Alliance Mortgage can answer questions about reverse mortgages and many others. Call us at (760) 632-7701.

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