Why You Need to Know About Reverse Mortgage Loan?$53718
- 3 weeks ago
- by mariajohn
|Street Address||4750 S. Biltmore Lane, Madison, WI 53718|
Your house will be very much in your name as long as you stay in it. No one can ask you to move out of your house unless you yourself make such a decision. And when you do decide to move out, you will have to pay back the loan amount from the proceeds of your home.
A reverse mortgage loan in USA is a way to turn the equity in your home into cash which is usually tax free without having to make monthly mortgage payments. Instead of monthly payments, the loan is taken against a senior’s home equity and repaid in one lump sum when the last borrower leaves the home. As part of the loan, the borrower is required to continue paying property taxes, insurance and maintenance (and HOA fees, if applicable). These loans can potentially help seniors gain financial independence from increasing living expenses.
The money that you get via reverse mortgage can be used for just about anything including:
paying up for your health care expenses
clearing off debts if any
making home improvements
taking a long vacation
maintaining your daily expenses
starting a new business