Reverse Mortgages:the Facts

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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. The lender pays out money based on the equity you've built-up in your home; you receive a lump sum, a monthly payment or a line of credit. The borrowed money does not have to be paid back until the homeowner sells his home, moves away, or dies. You or your estate representative is obligated to pay back the reverse mortgage loan, interest , and other finance fees after your home is sold, or you no longer live in it.

Who is Eligible?

Usually, reverse mortgages are appropriate for borrowers who are at least 62 years of age, have a low or zero balance owed against the home and use the property as your main residence.

Homeowners who are on a fixed income and need additional funds find reverse mortgages helpful for their circumstance. Rates of interest can be fixed or adjustable while the funds are nontaxable and do not adversely affect Social Security or Medicare benefits. Your house is never at risk of being taken away by the lender or sold against your will if you live past the loan term - even if the current property value goes under the balance of the loan. Call us at (808) 935-0678 to explore your reverse mortgage options.

At Family Mortgage Company of Hawaii, Inc. NMLS #244497, we answer questions about reverse mortgages every day. Give us a call at (808) 935-0678.

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