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You keep the title to your home. Instead of paying regular monthly mortgage payments, though, you get a bear down part of your home equity (how do variable mortgages work in canada). The money you get generally is not taxable, and it usually will not affect your Social Security or Medicare benefits. When the last surviving debtor dies, offers the house, or no longer lives in the house as a primary house, the loan has actually to be repaid.
Here are some things to consider about reverse mortgages:. Reverse mortgage lending institutions normally charge an origination charge and other closing expenses, as well as maintenance 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 mortgage, interest is included onto the balance you owe each month.
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