|
Hakkında:
|
You keep the title to your house. Instead of paying monthly mortgage payments, however, you get an advance on part of your home equity (how do mortgages work in canada). The money you get usually is not taxable, and it usually will not impact your Social Security or Medicare benefits. When the last making it through customer passes away, sells the home, or no longer lives in the home as a principal home, the loan has actually to be paid back.
Here are some things to consider about reverse home mortgages:. Reverse mortgage loan providers typically charge an origination fee and other closing expenses, as well as servicing fees over the life of the home loan. Some likewise charge home loan insurance coverage premiums (for federally-insured HECMs). As you get money through your reverse home mortgage, interest is included onto the balance you owe every month.
|