Is a Reverse Mortgage for You?

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In a reverse mortgage loan (sometimes called a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without selling their homes. Choosing between a monthly payment, a line of credit, or a one-time payment, you may get a loan amount determined by your home equity. The loan doesn't have to be paid back until the homeowner sells his residence, moves away, or dies. You or representative of your estate is obligated to pay back the reverse mortgage loan, interest , and other finance fees after your property is sold, or you can no longer call it your primary residence.

Who is Eligible?

The conditions of a reverse mortgage normally include being sixty-two or older, maintaining your home as your primary residence, and having a low remaining mortgage balance or owning your home outright.

Reverse mortgages can be great for homeowners who are retired or no longer bringing home a paycheck but have a need to supplement their income. Rates of interest can be fixed or adjustable and the funds are nontaxable and do not adversely affect Medicare or Social Security benefits. The lending institution isn't able to take the property away if you outlive your loan nor may you be obligated to sell your home to repay the loan amount even when the loan balance grows to exceed current property value. If you'd like to learn more about reverse mortgages, please 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. Give us a call at (808) 935-0678.

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