Reverse Mortgages:the Facts

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Reverse mortgages (also called "home equity conversion loans") give older homeowners the ability to benefit from their home equity without selling their home. Choosing between a monthly payment, a line of credit, or a one-time payment, you can receive a loan based on your home equity. The loan doesn't have to be paid back until the homeowner sells the residence, moves out, or passes away. When your house has been sold or you no longer use it as your primary residence, you (or your estate) have to pay back the lender for the money you received from your reverse mortgage as well as interest and other fees.

Who is Eligible?

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

Many homeowners who live on a fixed income and need additional money find reverse mortgages ideal for their situation. Social Security and Medicare benefits will not be affected; and the funds are nontaxable. Reverse Mortgages may have adjustable or fixed interest rates. Your home will never be at risk of being taken away from you by the lending institution or sold without your consent if you outlive your loan term - even if the current property value goes below the loan balance. Call us at (808) 935-0678 if you'd like to explore the benefits of reverse mortgages.

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.

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