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Learn about Arkansas Reverse Mortgages
Reverse mortgages (also called home equity conversion loans) enable elderly homeowners to tap into their equity without selling their home. The lender pays you money based on the equity you've accrued in your home; you receive a lump sum, a monthly payment or a line of credit. Repayment is not necessary until the borrower sells the property, moves into a retirement community or passes away. When you sell your home or no longer use it as your primary residence, you or your estate must repay the cash you received from the reverse mortgage plus interest and other finance charges to the lender.
Most reverse mortgages require you be at least 62 years of age, have a low or zero balance owed against your home and maintain the property as your principal residence.
Reverse mortgages are ideal for homeowners who are retired or no longer working and need to supplement their income. Interest rates can be fixed or adjustable and the money is nontaxable and does not interfere with Social Security or Medicare benefits. Your lender cannot take property away if you outlive your loan nor can you be forced to sell your home to pay off your loan even if the loan balance grows to exceed property value.
For more detailed information on this topic, be sure to request a free copy of our Reverse Mortgage Booklet as well as be sure to request the free Reverse Mortgage Audio CD. This valuable audio interview provides an educational analysis of reverse mortgages and how they differ from all other loans. Topics on this free resource include:
- Who is an ideal candidate for this type of loan?
- What are the three major factors that determine the loan amount?
- What are the main types of reverse mortgage loan programs available, and what are their payout options?
- Why are all reverse mortgages ArkansasM loans?
- What type of counseling is required prior to obtaining a reverse mortgage?
- What type of marketing approach is most effective in reaching seniors?
Additional Resources: Article, Reverse Mortgages, Financing the Golden Years.
Fill out the form below to request your free Reverse Mortgage Book & Audio CD.
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