areversemortgage

There are important points to consider about reverse mortgage:The homeowner doesn’t need good credit to obtain a reverse mortgage.The government or the bank does not own your home, nor will they ever.The reverse mortgage loan will pay off your existing mortgage if you have one.You will never have to make a payment of any kind toward the principle or interest.The proceeds do not affect your Social Security, Medicare, or any other benefits you receive.The proceeds are income tax free, because they are not considered income.Your estate nor your children will ever have to pay any extra money… ever! With a reverse home mortgage, you get all the benefits of selling your house and all the benefits of getting a home equity loan – but you can still live in and retain ownership of your home and you don’t have to pay back the loan. No matter how you structure a reverse mortgage, you typically don’t pay anything back until you die, sell your home, or permanently move out.The only big disadvantage of a reverse mortgage is the high closing cost – which is only problematic if you plan to stay in your home for a short period of time.