|
Hakkında:
|
You keep the title to your house. Instead of paying month-to-month mortgage payments, however, you get an advance on part of your home equity (how do fixed rate mortgages work). The money you get normally is not taxable, and it normally won't affect your Social Security or Medicare benefits. When the last surviving customer passes away, offers the house, or no longer lives in the house as a principal house, the loan needs to be repaid.
Here are some things to consider about reverse home mortgages:. Reverse home loan lenders usually charge an origination cost and other closing costs, as well as servicing fees over the life of the home loan. Some also charge mortgage insurance coverage premiums (for federally-insured HECMs). As you get cash through your reverse mortgage, interest is included onto the balance you owe every month.
|