Working Caregiver- Facts & Information to Understand Reverse Mortgages
Tips to help you understand reverse mortgages.
Reverse Mortgage Facts Helping Determine If It's Right for You
- All reverse mortgage borrowers must be at least 62 years and/or older
- The is no required repayment necessary until the home is sold or the owner permanently moves out of the home or owner passes away
- The owner will never owe more than the value of the home
- The owner does not have to meet an income qualification process
- The interest is paid at the time the loan is repaid
- When the loan is due, the owner's heirs have several choices they can make. Repay the loan and keep the house, or sell the home and repay the loan
- The owner's Social Security benefits and Medicare are generally not affected by a reverse mortgage but it's better if you consult your tax advisor
- You the homeowner owns your home and keeps the title, the lender does not take control of the title
- The interest rates are adjustable and can change periodically; however, this DOES NOT affect the amount you will receive
- The closing costs and fees incurred can be financed as part of the loan; there is zero to minimal out of pocket costs to you
Listen to Bob Heckler as talks about Reverse Mortgages; what they are and if you should get one!
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