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You keep the title to your home. Instead of paying month-to-month home mortgage payments, though, you get an advance on part of your home equity (how do fixed rate mortgages work). The cash you get normally is not taxable, and it normally won't impact your Social Security or Medicare advantages. When the last making it through debtor passes away, offers the home, or no longer lives in the home as a primary residence, the loan needs to be repaid.
Here are some things to consider about reverse mortgages:. Reverse home mortgage loan providers usually charge an origination fee and other closing costs, in addition to servicing costs 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 mortgage, interest is included onto the balance you owe monthly.
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