Monthly Archives: January 2009

How will a reverse mortgage affect my other benefits?

The income from a reverse mortgages do not affect eligibility for Social Security, Medicare or other retirement benefits or pensions that are not based on need. However, without careful planning, the income from reverse mortgages could affect eligibility for supplemental … Continue reading

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Can I pay off a reverse mortgage?

Yes, You could pay a reverse mortgage back at any time with not prepayment penalties.

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What are the ways to pay off an existing reverse mortgage if you do not have the access to the cash required?

You can sell the home, and the buyer’s money will pay off the reverse mortgage lender. If you do decide to pre-pay the reverse mortgage early, it may be possible to do so with no prepayment penalties. If you die, … Continue reading

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Cash may be used for any purpose

With Reverse Mortgages the money could be used for any purpose, such as: Eliminate existing mortgage loan payments Payoff credit card debt Supplement retirement income Help pay for medical and prescription expenses Pay for in-home care, long term care insurance, … Continue reading

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You may sell your home at any time

The loan is repaid when you die, sell your home, or when your home is no longer your primary residence. You could sell your home at any time without paying a prepayment penalty. With reverse mortgages you could never owe … Continue reading

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You retain the title to your home

You will always retain title to your home with reverse mortgages. A really big misconception of reverse mortgages is that the bank owns your home or is trying to take your home. These statements are absolutely false. The bank will … Continue reading

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No prepayment penalty

On Reverse Mortgages there are no prepayment penalties. Although the loan is not due and payable until the senior permanently moves out of the home, it can be paid-off at any point prior with no additional fees or costs. In … Continue reading

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Your payout is tax free

Reverse Mortgages are 100% federally regulated. The department of Housing and Urban Development, or HUD, and the Federal Housing Administration, or FHA, has designed and regulated all HECM Reverse Mortgages. These are the most popular Reverse Mortgages. Reverse mortgages are … Continue reading

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No repayment as long as you occupy your home

Reverse mortgages are loans that require no repayment for as long as you live in your home. But they must be repaid in full, including all interest and other charges, when the last living borrower dies, sells the home, or … Continue reading

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Supplemental income from reverse mortgages

Reverse mortgages have become vastly popular in the past decade. Many people today have lost a lot or little money in their investments, such as the stock market, or other forms of investments which has caused reverse mortgages to become … Continue reading

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