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You keep the title to your house. Rather of paying monthly mortgage payments, though, you get an advance on part of your house equity (how do reverse mortgages work?). The cash you get generally is not taxable, and it generally won't affect your Social Security or Medicare advantages. When the last enduring borrower dies, sells the home, or no longer lives in the house as a primary house, the loan needs to be repaid.
Here are some things to consider about reverse home mortgages:. Reverse mortgage loan providers normally charge an origination cost and other closing costs, in addition to servicing fees over the life of the mortgage. Some likewise charge mortgage insurance coverage premiums (for federally-insured HECMs). As you get money through your reverse home loan, interest is added onto the balance you owe each month.
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