The Truth About Reverse Mortgages
Did you know...
- You retain full ownership and title of your property.
- As long as one borrower occupies and maintains the home, and complies with the terms of the loan, you cannot be required to leave or sell the home.
- You will not owe more than the value of the home at the time the reverse mortgage is paid off. Because the reverse mortgage is secured solely on the property, you cannot leave yourself or your family in debt.
- Proceeds from a reverse mortgage are not taxable and they will not affect your Social Security or Medicare benefits. You should consult your local tax advisor for additional information.
- A reverse mortgage can be used to pay off an existing mortgage balance on your current home or used in the purchase of a new home that might better suit your needs.