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You keep the title to your house. Rather of paying monthly mortgage payments, however, you get an advance on part of your home equity (how do reverse mortgages work in florida). The cash you get usually is not taxable, and it usually will not impact your Social Security or Medicare benefits. When the last surviving customer dies, offers the home, or no longer lives in the home as a principal residence, the loan has actually to be repaid.
Here are some things to consider about reverse home loans:. Reverse home mortgage loan providers normally charge an origination charge and other closing expenses, as well as servicing costs 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 home mortgage, interest is added onto the balance you owe monthly.
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