Reverse Mortgages

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Reverse mortgages (also called "home equity conversion loans") enable older homeowners to use their built-up home equity without the necessity of selling their home. Choosing between a monthly payment, a line of credit, or a one-time payment, you may take out a loan based on your equity. The loan does not have to be paid back until the homeowner sells the residence, moves out, or dies. After you sell your home or is no longer used as your main residence, you (or your estate) are required to pay back the lending institution for the money you received from the reverse mortgage in addition to interest and other finance charges.

Who is Eligible?

Generally, reverse mortgages require youto be at least sixty-two years of age, have a small or zero balance owed against your home and use the property as your main residence.

Many homeowners who are on a fixed income and find themselves needing additional funds find reverse mortgages advantageous for their circumstance. Social Security and Medicare benefits are not affected; and the money is not taxable. Reverse Mortgages can have adjustable or fixed rates. The lender will not take away your house if you live past the loan term nor can you be obligated to sell your residence to repay your loan even when the balance grows to exceed current property value. Contact us at 8008057088 to look into your reverse mortgage options.

At Diamante Mortgage, we answer questions about reverse mortgages every day. Give us a call at 8008057088.

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