Reverse Mortgages

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Reverse mortgages (sometimes referred to as "home equity conversion loans") enable older homeowners to use their built-up home equity without selling their home. Deciding how you prefer to be paid: by a monthly payment amount, a line of credit, or a one-time payment, you may receive a loan based on your equity. The loan doesn't have to be paid back until the borrower sells his home, moves away, or dies. At the time you sell your property or is no longer used as your primary residence, you (or your estate) must repay the lending institution for the money you obtained from your reverse mortgage as well as interest among other fees.

Who is Eligible?

Generally, reverse mortgages require you be at least sixty-two years old, have a low or zero balance owed against the home and maintain the home as your principal living place.

Reverse mortgages can be advantageous for homeowners who are retired or no longer working but must supplement their income. Rates of interest can be fixed or adjustable while the money is nontaxable and doesn't adversely affect Social Security or Medicare benefits. Your lending institution will not take the property away if you live past the loan term nor can you be obligated to sell your home to pay off your loan even when the balance grows to exceed property value. Call us at 720-598-8300 to discuss your reverse mortgage options.

Foxfield Financial can walk you through the pitfalls of getting a reverse mortgage. Give us a call: 720-598-8300.

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