Is a Reverse Mortgage for You?
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Reverse mortgages (also referred to as "home equity conversion loans") give older homeowners the ability to use their equity without the necessity of selling their home. Choosing between a monthly amount, a line of credit, or a one-time payment, you may receive a loan based on your equity. Paying back your loan is not necessary until the time the homeowner puts his home up for sale, moves (such as into a care facility) or dies. You or an estate representative must repay the reverse mortgage amount, interest , and finance charges at the time your home is sold, or you can no longer use it as your primary residence.
Who is Eligible?
The requirements of a reverse mortgage loan normally include being 62 or older, maintaining your house as your main living place, and having a small balance on your mortgage or having paid it off.
Reverse mortgages can be ideal for homeowners who are retired or no longer working and have a need to add to their limited income. Interest rates may be fixed or adjustable and the money is nontaxable and doesn't interfere with Medicare or Social Security benefits. The home will never be at risk of being taken away from you by the lender or put up for sale against your will if you live longer than the loan term - even if the current property value goes below the balance of the loan. Contact us at (909) 476-3575 if you want to explore the advantages of reverse mortgages.
Fidelity Bancorp can walk you through the pitfalls of getting a reverse mortgage. Call us: (909) 476-3575.