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Reverse Mortgages: Information You Need to Know

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Reverse Mortgages are exploding in popularity and as the baby boomers reach age 62 and beyond they will become eligible to cash in on their home equity with a reverse mortgage.

A reverse mortgage is a home loan that you do not have to pay back for as long as you live in your home. It can be paid to you in one lump sum, as a regular monthly income, or at the times and in the amounts you want. The loan and interest are repaid only when you sell your home, permanently move away, or die.

Who is eligible for a Reverse Mortgage?

All homeowners must be at least 62 years old.
At least one owner must live in the house most of the year.

What kind of homes are eligible for a Reverse Mortgage?

Single family, one-unit dwellings.
Two-to-four unit, owner-occupied dwellings.
Some condominiums, planned unit developments or manufactured homes.
NOTE: Cooperatives and most mobile homes are not eligible.

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How does a Reverse Mortgage work?

Most require no repayment for as long as you live in your home.
They are repaid in full when the last living borrower dies, sells the home, or permanently moves away.
Because you make no monthly payments, the amount you owe grows larger over time. By law, you can never owe more than your home's value at the time the loan is repaid.
You continue to own the home, so you must pay the property taxes, insurance, and repairs. If you fail to pay these, the lender can use the loan to make payments or require you to pay the loan in full.

How do you receive money from a Reverse Mortgage and how much money can you get?

Reverse mortgages can be paid to you:

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There are several advantages to getting mortgage pre-approval before looking for a home.

Being .....
- All at once in cash;
- As a monthly income;
- As a credit line that lets you decide how much you want and when;
- In any combination of the above.

The amount you get usually depends on your age, your home's value and location, and the cost of the loan. The greatest amounts typically go to the oldest owners living in the most expensive homes getting loans with the lowest costs.

Most people get ......

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