REVERSE MORTGAGES
Boost your life by tapping into the value of your home
Many older Americans are choosing to use "reverse" mortgages for different reasons. These mortgages allow older homeowners to get cash by using a part of the value of their homes, without having to sell their homes or pay extra bills each month. They can use the money to finance home improvements, pay off their current mortgage, add to their retirement income, or cover healthcare expenses.
In a regular mortgage, you pay the lender each month. But with a reverse mortgage, you receive money from the lender and usually don't have to repay it as long as you live in your home. The loan is only repaid when you pass away, sell your home, or no longer live there as your main residence. Reverse mortgages can help homeowners who have a valuable home but don't have much cash to stay in their homes and meet their financial responsibilities.
To be eligible for the majority of reverse mortgages, you need to be at least 62 years old and residing in your own house. The money you receive from a reverse mortgage is usually not subject to taxes, and most reverse mortgages do not have any income limitations.
Understanding Reverse Mortgages: Explore the Different Options Available
There are three main types of reverse mortgages: single-purpose, federally-insured, and proprietary. 1. Single-purpose reverse mortgages are provided by certain government agencies, nonprofits, and local organizations. 2. Federally-insured reverse mortgages are called Home Equity Conversion Mortgages (HECMs) and are supported by the U.S. Department of Housing and Urban Development (HUD). 3. Proprietary reverse mortgages are private loans backed by the companies that create them.
Single-purpose reverse mortgages have very low costs. However, they are not widely accessible and can only be used for one specific purpose as determined by the government or a nonprofit lender. This purpose can include home repairs, improvements, or paying property taxes. Eligibility for these loans usually requires a low or moderate income.
Key Loan Details
Reverse mortgage loans give you money, and you don't have to pay taxes on it or worry about it affecting your Social Security or Medicare benefits. You also get to keep the ownership of your home and don't have to make monthly payments. The loan only needs to be repaid when the last borrower passes away, sells the home, or stops living there as their main residence. In the HECM program, if you have to live in a nursing home or medical facility, you have up to 12 months before the loan needs to be paid back.
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