Is a Reverse Mortgage for You?

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In a reverse mortgage (also referred to as a a home equity conversion loan), borrowers of a certain age may use home equity for anything they need without selling their homes. Choosing between a monthly amount, a line of credit, or a one-time payment, you can get a loan based on your home equity. Repayment isn't required until the time the borrower puts his home up for sale, moves (such as to a retirement community) or passes away. You or an estate representative has to repay the reverse mortgage amount, interest accrued, and finance fees at the time your home is sold, or you no longer live in it.

Who can Participate?

The requirements of a reverse mortgage normally include being sixty-two or older, maintaining your property as your primary living place, and having a small balance on your mortgage or having paid it off.

Many homeowners who are on a fixed income and find themselves needing additional funds find reverse mortgages ideal for their circumstance. Interest rates may be fixed or adjustable while the money is nontaxable and doesn't adversely affect Medicare or Social Security benefits. The home is never at risk of being taken away by the lender or sold against your will if you live longer than your loan term - even if the current property value dips under the balance of the loan. If you would like to find out more about reverse mortgages, feel free to call us at (808) 935-0678.

Family Mortgage Company of Hawaii, Inc. NMLS #244497 can walk you through the pitfalls of getting a reverse mortgage. Call us at (808) 935-0678.