Wednesday, January 30, 2008

Reverse Mortgage Fast Facts

All borrowers must be 62 years and older

No repayment is made until the home is sold or the owner permanently moves out or passes away

You will never owe more than the value of your home

No income qualification

Interest is paid at the time the loan is repaid

When the loan is due, your heirs have choices – they can repay the loan and keep the house, or sell the home and repay the loan

Social Security benefits and Medicare are generally not affected by a Reverse Mortgage – consult appropriate government agencies.

You own your home – the lender does not take control of the title

Interest rates are adjustable and can change periodically; however, this DOES NOT affect the amount you will receive

Closing costs and fees incurred can be financed as part of the loan

Reverse Mortgage Man
(866) 800-0280
www.moneywise123.com

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