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You keep the title to your house. Rather of paying month-to-month home mortgage payments, though, you get an advance on part of your house equity (how do business mortgages work). The money you get generally is not taxable, and it normally will not affect your Social Security or Medicare advantages. When the last surviving borrower passes away, sells the house, or no longer lives in the home as a principal home, the loan needs to be paid back.
Here are some things to consider about reverse home mortgages:. Reverse home mortgage lending institutions generally charge an origination fee and other closing expenses, in addition to servicing costs over the life of the mortgage. Some likewise charge home loan insurance premiums (for federally-insured HECMs). As you get cash through your reverse home loan, interest is included onto the balance you owe each month.
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