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Reverse mortgages are a variation of a home equity loan where the lender
makes payments to you, allowing homeowners 62 or over to access the equity
they have in their homes. A reverse mortgage allows you to tap your home
equity to supplement your income when you're retired. If you own your own home
free and clear, live on a fixed income, have limited savings and don't
want to sell your home, a Reverse Mortgage may be the financial resource you need.
If you're like most older Americans 1, your home is your largest
investment. You've worked for years to pay it off, and it's probably
worth substantially more today than when you bought it. But now you
find yourself needing extra money for living expenses. Or maybe you need
money for home repairs. A Reverse Mortgage may be the best answer for you.
How Does A Reverse Mortgage Work?
With a Reverse Mortgage, you actually borrow against the value of your
home. You then receive the loan proceeds according to the payment plan
you select. And as long as your home remains your principal residence,
you don't have to repay a penny, although you can choose to make payments,
if you wish.
When your home is finally sold, the loan balance plus accrued interest
and other costs are due and payable and usually will be repaid from the
proceeds of your home. Any remaining proceeds belong to you or your heirs. If
your loan balance exceeds the value of your home, the proceeds from the
sale of your home is all that you will pay. So neither you nor your heirs
will be left with a debt, nor can you be forced to sell or vacate your
home as long as you choose to stay in it.
RBC Centura Bank specializes in Reverse Mortgages in the two Carolinas,
Virginia, Georgia and Florida. Contact us at 1-800-879-5864 for more information.
You can also write to us at the following address:
RBC Centura Bank - Reverse Mortgages
P.O. Box 1280
Rocky Mount, N.C. 27802
Common Questions about Reverse Mortgages
1 In order to qualify for a Reverse Mortgage, you and any co-borrowers,
must be at least 62 years old and either own your home with no outstanding
balance or have a very low outstanding balance.
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