Reverse Mortgages 101

Dated: 06/10/2019

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What is a Reverse Mortgage?

A Reverse Mortgage converts equity in your home into cash.  You can receive a large sum all at once, establish a line of credit to draw on or get paid in monthly installments.  You can pay it back the same as you would any loan. 

Who’s Eligible for a Reverse Mortgage?

You must be 62 years or older as well as a US citizen and permanent resident with substantial equity in your home.  The maximum loan amount you may qualify for is based on the youngest homeowner’s age, current rates and home value.  You must continue to live in your home as a primary residence and continue to pay your property taxes and insurance.

Unless repaid voluntarily, the reverse mortgage is not due until the last surviving borrower dies, sell or moves out of the home.  A reverse mortgage can help folks live a more comfortable retirement in their own homes but keep in mind loan balances increase over time as interest on the loan and fees accumulate.  Fees may be higher than a traditional mortgage.

Before you make any decision, make sure you consult a mortgage expert.

Are you looking to buy or sell a home, or do you know someone who is?  Please let us know.  The Stacie Koroly Team, with over 50 years of experience, is here to help.  Contact us now and find out the difference between us and everybody else.

 

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Stacie Koroly

The Stacie Koroly Team (SKT) is grateful they have the opportunity to help people buy the home of their dreams! The Team creates value for their clients before, during and after they buy or sell their....

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