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You keep the title to your home. Rather of paying regular monthly home loan payments, however, you get a bear down part of your home equity (how do arm mortgages work). The cash you get usually is not taxable, and it usually will not affect your Social Security or Medicare benefits. When the last enduring debtor dies, offers the home, or no longer lives in the home as a principal residence, the loan needs to be repaid.
Here are some things to consider about reverse home mortgages:. Reverse home loan loan providers normally charge an origination charge and other closing costs, as well as maintenance fees over the life of the home mortgage. Some also charge home mortgage insurance premiums (for federally-insured HECMs). As you get money through your reverse home mortgage, interest is included onto the balance you owe every month.
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