Reverse Mortgage Advantage: The Tax-Free, House Rich Way to Retire Wealthy!Ken Austin
If you’re an older homeowner and need help managing expenses, you might be considering a reverse mortgage. These types of loans provide payments — tax-free — based on your home’s equity, with very specific rules attached. Here’s more on how reverse mortgages work and how to decide if...
“A reverse mortgage means you don’t make any payments, and the loan balance increases each month,” says Steve Hill, a mortgage broker at SBC Lending in Redondo Beach, California. “So, the loan balance gets higher each month instead of lower — it goes in reverse.” The money that a...
The money that a homeowner receives from a reverse mortgage usually is tax-free, and has no effect on their eligibility for Medicare or Social Security benefits. Homeowners also don’t have to repay the money from a reverse mortgage as long as they live in the home and meet the conditions...
Reverse mortgage pros and cons While a reverse mortgage can provide various benefits, it also has a few potential drawbacks. Here's a summary of the pros and cons. Pros Can provide tax-free cash flow in retirement Can eliminate your monthly mortgage payment You won't have payments until ...
Work with a local reverse mortgage expert in Tampa Florida. Get all your questions about reverse mortgages answered. Find out if your Tampa home qualifies. See how much you could borrow. Give us a call today.
Are you interested in receiving information about a reverse mortgage? Get a free information package that includes answers to frequently asked questions along with specific scenario of what a Reverse Mortgage can do for you. Call us at (800)405-6000.
If you're still on the fence, consult additional resources, like HUD-approved counselors or financial advisors, to help you make an informed decision. LEVERAGING THE BENEFITS OF REVERSE MORTGAGE CALCULATORS A reverse mortgage calculator can help you better understand how much you could borrow. You...
Property tax statements and receipts You must pay yourproperty taxesas a condition of a reverse mortgage. Failure to do so can result in liens being placed on your home, or the government taking possession of your property. You’ll need documents showing lenders that you’re current on your ...
Reverse mortgages typically make the most sense for elderly borrowers who have paid off their homes and need a consistent income stream. Homeowners retain the title to their home when they take out a reverse mortgage. Because payments represent an advance on equity, government agencies do not cons...