Reverse mortgage

In order to become eligible for a reverse In order to become eligible for a reverse mortgage loan, you have to fulfill these mortgage loan, you have to fulfill these

requirements -requirements -

1. Your age should be at least 62. 1. Your age should be at least 62.

2. You must own a single-family home or other 2. You must own a single-family home or other approved property.approved property.

3. Your home should be your primary residence.3. Your home should be your primary residence.

1.You can use the reverse mortgage proceeds for 1.You can use the reverse mortgage proceeds for whatever purpose you want. You can use it for whatever purpose you want. You can use it for funding the education of a family member, for funding the education of a family member, for traveling purposes, for meeting the basic traveling purposes, for meeting the basic necessities of life or for anything else. necessities of life or for anything else.

2.The most widely used reverse mortgage is the 2.The most widely used reverse mortgage is the federally guaranteed home equity conversion federally guaranteed home equity conversion mortgages (HECM).mortgages (HECM).

3.The money that you receive through 3.The money that you receive through reverse mortgage is tax-free. reverse mortgage is tax-free.

4.As long as you stay in the house, you retain 4.As long as you stay in the house, you retain ownership of the house.ownership of the house.

ConclusionConclusion

Despite some drawbacks, reverse mortgages are Despite some drawbacks, reverse mortgages are preferable options when it comes to paying for preferable options when it comes to paying for your healthcare costs, remodeling your home, your healthcare costs, remodeling your home,

making a big purchase, or changing your making a big purchase, or changing your lifestyle. Moreover, if you have debts to pay off, lifestyle. Moreover, if you have debts to pay off, need money for someone's education, or wish to need money for someone's education, or wish to plan for a vacation, reverse mortgage is a good plan for a vacation, reverse mortgage is a good

choice. choice.

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