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Reverse Mortgages: is it Right for You?

Posted by 104Inc.com on September 4, 2008

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Over the years, you worked hard to own your home. Now there’s a way to put your home to work for you. A Reverse Mortgage provides the security of knowing you have funds available for planned or unexpected expenses. This kind of loan can never cause you to lose your home. The funds you receive during your loan term, plus interest, do not become due until you sell or vacate your home.

A Reverse Mortgage can optimize cash flow and promote peace of mind. It can contribute to a more contented and secure retirement. Use the money to supplement your pension or social security income, for home repairs, buying a car, unexpected expenses, even put it toward a new home – whatever you choose.

Reverse Mortgages are specifically designed for, and exclusively available to, older homeowners who have substantial home equity. Applicants must agree to receive no-cost (face-to-face or telephone) mortgage counseling from a HUD-approved counseling agency to explain your options and confirm your eligibility.

A Reverse Mortgage gives you flexible access to your home equity. “Term” payments are non-taxable monthly payments for a specified period of time. “Tenure” payments are non-taxable monthly payments for as long as you occupy your home. I can show you payment examples to better illustrate possible payments amounts.

You do not need to repay the loan as long as you or one of the borrowers continue to live in the house. You will be responsible for maintaining the property and making necessary home repairs, as well as paying property taxes and homeowners insurance premiums. When you sell or leave your home, the funds you received during your loan term, plus any accrued interest, become due. Any home sale proceeds in excess of the amount you owe belong to you or to your estate.

If, at any time, the loan exceeds the value of the property, the repayment amount will be no more than the value of the property. Mortgage insurance will cover any balance due to the lender. No additional financial claims may be made.

After the loan is repaid, any home sale proceeds in excess of the amount you owe your mortgage lender belong to you or to your estate.

To learn more information please visit 104inc.com and search for local representatives in your area for more information regarding reverse mortgages

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