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You keep the title to your home. Rather of paying regular monthly mortgage payments, however, you get a bear down part of your home equity (how do second mortgages work in ontario). The cash you get typically is not taxable, and it typically will not affect your Social Security or Medicare advantages. When the last enduring debtor dies, sells the house, or no longer lives in the home as a primary home, the loan needs to be paid back.
Here are some things to consider about reverse mortgages:. Reverse mortgage loan providers generally charge an origination charge and other closing costs, as well as maintenance fees over the life of the home loan. Some also charge home loan insurance coverage premiums (for federally-insured HECMs). As you get money through your reverse home mortgage, interest is included onto the balance you owe monthly.
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