How is a reverse mortgage different from a conventional loan?
- There are no monthly principal and interest mortgage payments
- Loan repayment is not due until:
- Borrower(s) move out.
- Borrower(s) sell the property.
- Borrower(s) pass away.
- If the loan obligations are not met
Let’s add up the benefits of a reverse mortgage. As long as you are meeting the obligations of the loan . . .
- You get to stay in your home and retain ownership.
- You satisfy your financial needs and wants.
- You get the resources to maintain your lifestyle and financial independence.
- You can use the reverse mortgage as an estate-planning tool (see your tax advisor).
- Has no effect on Social Security and Medicare.
- Currently the IRS treats the monies received as non taxable income (see your tax advisor).
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