1. You never forfeit title to your home, and you retain all your rights as the homeowner.
2. As long as one borrower occupies the home, and proerty taxes and homeowners insurance are kept current, you cannot be required to leave or sell the home.
3. You can never owe more than the value of the home, and you cannot leave yourself or your family in debt.
4. Low interest rates, home appreciation, and how interest is assessed often results in substantial equity remaining untouched, and available to pass on the your heirs.
5. The proceeds from a reverse mortgage are not taxable, and they will not affect your Social Security or Medicare benefits.
6. Reverse mortgages can be sued to pay off mortgage balances on your current home, or used in the purchase of a new home that might better suit your needs. In all cases, you will eliminte all requirements to make monthly mortgage payments.
No comments:
Post a Comment