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Need Cash? 62 or Older? Have Home Equity? A Reverse Mortgage May Be Right For You!
Reverse Mortgages can be a simple way for homeowners who are at least 62 year of age to access the equity in their homes.  Although is can be a simple method to get cash out of the equity in your home, everyone should have proper consultation and understanding before taking out a reverse mortgage.  Some of the Qualifications are:
 
Must be primary residence and borrower has to be at least 62 years old No income, FICO score, health and/or credit requirements New loan must be in first position on title Third-party consultation by HUD approved Counselor is required Some of the Features include:
Homeowner retains title to home; bank cannot foreclose and evict Borrower. Loan Proceeds do not affect Medicare or Social Security and should be tax-free Loans are non-recourse-borrowers will not owe more than appraised value of the property at the time the loan is due. Some of the Benefits include:
Senior homeowners can leverage existing home equity as source of funds Repayment not required until the last borrower no longer resides in the home as their primary residence. No restrictions on how loan proceeds after repaying existing liens on the home Can even be used for the purchase ... more

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