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Reverse Mortgage

In a reverse mortgage loan (sometimes referred to as a a Home Equity Conversion Mortgage), homeowners of a certain age may use home equity for anything they need without selling their homes. Deciding how you prefer to be paid: by a monthly payment amount, a line of credit, or a one-time payment, you can receive a loan based on your equity. Repayment is not necessary until the time the homeowner sells the home, moves (such as into a retirement community) or dies. At the time you sell your home or is no longer used as your primary residence, you (or your estate) are obligated to pay back the lending institution for the funds you got from your reverse mortgage plus interest among other finance charges.

Are you Eligible?

Generally, reverse mortgages require you be at least sixty-two years of age, have a small or zero balance in a mortgage and use the property as your main residence.

Many homeowners who live on a limited income and need additional funds find reverse mortgages ideal for their circumstance. Interest rates can be fixed or adjustable while the money is nontaxable and does not affect Medicare or Social Security benefits. The residence will never be in danger of being taken away from you by the lending institution or sold without your consent if you live past the loan term - even if the current property value goes under the balance of the loan. If you would like to find out more about reverse mortgages, please call us at (530)677-2267.

At Norman Financial, we answer questions about reverse mortgages every day. Call us at (530)677-2267 or (800)655-4164

Reverse mortgages are loans offered to homeowners who are 62 or older who have equity in their homes. The loan programs allow borrowers to defer payment on the loans until they pass away, sell the home, or move out. Homeowners, however, remain responsible for the payment of taxes, insurance, maintenance, and other items. Nonpayment of these items can lead to a default under the loan terms and ultimate loss of the home. FHA insured reverse mortgages have an up front and ongoing cost; ask your loan officer for details. These materials are not from, nor approved by HUD, FHA, or any governing agency.

Norman Financial Mortgage a Division of American Pacific Mortgage Corporation NMLS #1850 NMLS #245245
3977 Durock Rd Ste 203, Shingle Springs, CA  95682
Office:  (530) 677-2267
Toll Free:  (800) 655-4164
Fax:  (530) 676-4647
Norman@normfi.com
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