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With a reverse mortgage loan (also called a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without selling their homes. The lender pays out funds based on your home equity amount; you receive a lump sum, a monthly payment or a line of credit. The loan doesn't have to be repaid until the homeowner sells the residence, moves away, or passes away. When you sell your home or you no longer use it as your main residence, you (or your estate) must pay back the lending institution for the funds you got from your reverse mortgage as well as interest among other fees.
The conditions of a reverse mortgage typically include being sixty-two or older, maintaining the property as your main living place, and having a small remaining mortgage balance or owning your home outright.
Homeowners who are on a fixed income and find themselves needing additional money find reverse mortgages helpful for their circumstance. Social Security and Medicare benefits will not be affected; and the money is not taxable. Reverse Mortgages may have adjustable or fixed interest rates. Your lending institution cannot take away your property if you live past the loan term nor may you be obligated to sell your home to pay off your loan amount even when the balance grows to exceed property value. Call us at 801-413-4570 to discuss your reverse mortgage options.