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You keep the title to your house. Instead of paying monthly home loan payments, however, you get an advance on part of your house equity (reverse mortgages how do they work). The cash you get generally is not taxable, and it normally will not affect your Social Security or Medicare benefits. When the last enduring customer dies, offers the house, or no longer lives in the house as a primary house, the loan has to be repaid.
Here are some things to consider about reverse mortgages:. Reverse home mortgage loan providers normally charge an origination charge and other closing expenses, in addition to servicing charges over the life of the home loan. Some also charge mortgage insurance premiums (for federally-insured HECMs). As you get money through your reverse home loan, interest is included onto the balance you owe every month.
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