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A reverse mortgage is a special type of home loan available to homeowners, age 62 years and older, and sponsored by the U.S. government's Federal Housing Authority (FHA/HUD). With a reverse mortgage, there are no monthly payments and you remain the owner of your home and repayment of the mortgage is deferred for as long as you live in the home.

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A reverse mortgage is different from a home equity loan in that you do not make monthly mortgage payments with a reverse mortgage as long as you live in the home.

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Some of the key benefits are: Independence - you remain in your home and retain ownership. No monthly mortgage payments - you do not need to pay back the loan or make monthly payments until you permanently move out of the home.

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The vast majority of reverse mortgages are federally insured by FHA (HECM loans) or government sponsored by HUD. To ensure that you gain additional understanding on how a reverse mortgage works and whether it is right for your financial needs, the government requires that you receive financial counseling from an independent, unbiased HUD-approved financial counselor at no cost to you whatsoever. We will arrange the counseling for you as part of the loan process.

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The amount you qualify for depends on your age, the value and location of your home, and the type of reverse mortgage program you select.

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Basically, none (some states have minor limitations on lines of credit or related to SSI [Social Security Insurance]). Use the money for anything you wish, from daily living expenses, home improvements, healthcare expenses, or simply having a financial reserve for an emergency.

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You can get a lump sum or you can get it in scheduled monthly payments, or a line of credit, or a combination of these options. It's your choice based on your financial needs. For more Click

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You must be 62 years of age or older and owner of the home as your primary residence. Most types of home properties qualify: single family, up to four units, condos, and PUDs. If you owe money on a first or second mortgage, your reverse mortgage would be used to pay off those loans. Income levels, timely real estate taxes and homeowner’s Insurance and credit have become part of the qualification process.

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Your reverse mortgage loan becomes due and must be repaid in full when either the last borrower(s) move(s) permanently out of the home, passes away or sells the home, fails to live in the home for 12 consecutive months due to physical or mental illness. The loan can become due if the homeowner fails to maintain timely tax and property insurance payments or allows the property to deteriorate beyond regular wear and tear.

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When the loan becomes due and is repaid, the principal, interest charges, are paid from the sale of the home. Any remaining equity belongs to you or your heirs. It is important to remember that you never owe more than the appraised value of your home at the time of sale.

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No. You own your home and retain title through the life of the reverse mortgage just like a traditional mortgage loan.

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Reverse mortgages are considered advances and therefore are not regarded as income by the IRS and not taxable. With any major financial transaction, it's wise to consult your financial or tax advisor.

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A reverse mortgage should not affect your Social Security or Medicare benefits. Consult your tax or financial advisor regarding the impact of a reverse mortgage on SSI, Medicare, or state assistance specified "liquid asset" levels as these can vary from state to state.

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