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You keep the title to your home. Rather of paying regular monthly home mortgage payments, though, you get a bear down part of your house equity (how do home mortgages work). The cash you get normally is not taxable, and it normally will not affect your Social Security or Medicare benefits. When the last making it through borrower passes away, offers the house, or no longer lives in the home as a principal home, the loan needs to be repaid.
Here are some things to consider about reverse home mortgages:. Reverse home mortgage lenders usually charge an origination fee and other closing expenses, in addition to servicing charges over the life of the mortgage. Some also charge home mortgage insurance 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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