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You keep the title to your house. Rather of paying month-to-month home mortgage payments, however, you get a bear down part of your home equity (reverse mortgages how do they work). The money you get generally is not taxable, and it typically will not affect your Social Security or Medicare benefits. When the last surviving customer passes away, sells the house, or no longer lives in the house as a principal home, the loan needs to be repaid.
Here are some things to consider about reverse mortgages:. Reverse home mortgage lenders generally charge an origination cost and other closing expenses, as well as maintenance fees over the life of the home loan. Some also charge home mortgage insurance premiums (for federally-insured HECMs). As you get money through your reverse mortgage, interest is included onto the balance you owe monthly.
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