A reverse mortgage is different from other loan products because repayment is not accomplished through a monthly mortgage payment over time. Instead, it is repaid all at once at loan maturity. loan maturity typically happens if you sell or transfer the title of your home or permanently leave the home.
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Reverse mortgages, loans for people age 62 and older, allow seniors to convert home equity into cash. The money you receive can be used for any reason, such as paying off debt, medical bills, home.
Eligibility For a Reverse Mortgage. To be eligible for a HECM reverse mortgage, the Federal Housing Administration (FHA) requires that the youngest borrower on title is at least age 62. If the home is not owned free and clear, then any existing mortgage must be paid off using the proceeds from the reverse mortgage loan at the closing.
A reverse mortgage is different from other loan products because repayment is not accomplished through a monthly mortgage payment over time. Instead, it is repaid all at once at loan maturity. Loan maturity typically happens if you sell or transfer the title of your home or permanently leave the home.
One of the main benefits of paying off your reverse mortgage loan early is that you won’t have to worry about prepayment penalties. What this means is that you won’t have any added problems if you decide to pay off your loan early. Another benefit that comes from paying off your loan early is that you will be able to leave your house to your loved ones completely clear or only with a smaller debt than initially.
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If you have the assets in your retirement savings, you may be able to use some of your savings to pay off the reverse mortgage. This will leave you with less principal on which you’re earning investment income, but it may be a smart move if the interest you’re paying on the reverse mortgage exceeds what you’re able to make on your investments.
Some other uses: Homeowners who still have mortgages can use the proceeds of a reverse mortgage to pay off those loans and improve their cash flow, Krishnaswamy says. Depending on your age and health,