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What Is Reverse Mortgage?

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What Is Reverse Mortgage?

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  1. WhatIs Reverse Mortgage? Reverse mortgage is a type of loan in which your home is used as collateral. It provides you with cash by tapping on your home’s equity. How Does It Work? In case of reverse mortgage, borrower receives tenure payments from the lender instead of a lump sum loan. The interest is calculated and duly added to the monthly payment made to borrower by the lender. The home is sold in market after the borrower moves out or dies. The money received by estate after selling the home is then used to pay off the loan. If the value of home exceeds the amount due on reverse mortgage, then the borrowers or their estate can retain the difference. Distinctive Characteristics It is given to senior homeowners aged 62 years and above. Borrowers are not required to repay the loan & interest until they move out or die. The age of youngest borrower is considered to decide the amount of tenure payments that you’ll receive. More the equity you have in the home, more is the amount that you can take out. Borrowers are required to pay property taxes & homeowner’s insurance. 107 W. Hwy. 190 Copperas Cove, TX 76522 254-542-5100 2201 Trimmier Rd. Killeen, TX 76541 254-680-6158 14641 S. Padre Island Dr., Ste. B Corpus Christi, TX 78418 3106 S. WS Young Dr., Bldg. D, Ste. 402 Killeen, TX 76542 254-953-7000 361-949-4647 10961 Gateway Blvd. West, Ste. 200 El Paso, TX 79935 915-843-2681 8522 Broadway St., Ste. 208 San Antonio, TX 78217 210-340-0404 1320 N. Zaragoza Rd., Ste. 111 El Paso, TX 79936 915-858-1996 7348 W. Adams Ave., Ste. 200 Temple, TX 76502 254-771-0020 16165 North 83rd Ave., Ste. 200 Peoria, AZ 85382 201 E. Central Texas Expwy., Ste. 1600 Harker Heights, TX 76548 254-680-6155 480-752-3110 100 W. Central Texas Expwy., Ste. 300 Harker Heights, TX 76548 254-690-3765 www.fcmloans4u.com Image Source: Designed by Freepik

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