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You keep the title to your house. Instead of paying month-to-month mortgage payments, though, you get an advance on part of your house equity (how home mortgages work). The money you get usually is not taxable, and it generally will not impact your Social Security or Medicare advantages. When the last making it through debtor dies, offers the home, or no longer lives in the home as a primary residence, the loan needs to be paid back.
Here are some things to consider about reverse mortgages:. Reverse mortgage lending institutions typically charge an origination charge and other closing expenses, in addition to maintenance fees over the life of the home loan. Some also charge mortgage insurance premiums (for federally-insured HECMs). As you get cash through your reverse mortgage, interest is included onto the balance you owe every month.
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