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You keep the title to your house. Rather of paying month-to-month mortgage payments, though, you get an advance on part of your home equity (how adjustable rate mortgages work). The money you get typically is not taxable, and it typically will not impact your Social Security or Medicare advantages. When the last enduring borrower passes away, offers the home, or no longer lives in the house as a principal residence, the loan needs to be repaid.
Here are some things to consider about reverse mortgages:. Reverse home loan loan providers generally charge an origination charge and other closing costs, as well as servicing costs over the life of the home loan. Some also charge home loan insurance coverage premiums (for federally-insured HECMs). As you get cash through your reverse home loan, interest is added onto the balance you owe each month.
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