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A reverse mortgage can act like a pension for seniors who live in a
house they own. It is the opposite of buying a house on loan,
where you pay a monthly installment to your bank. With a reverse
mortgage, you agree to mortgage your house to the bank, for which, it
pays you the proceeds in equal monthly payouts, if you wish. You can also
choose to take all the money up front if you need it now. You retain the
title to your home and do not have to make monthly loan payments. You can
live in it as long as you or your spouse are alive. Even if you leave your
home before you die, you never owe more than the value of the home.
In a "regular" mortgage, you make monthly payments to the lender. But
in a "reverse" mortgage, you receive money from the lender and
won't have to pay it back for as long as you live in your
home. Instead, the loan must be repaid when you die, sell your home,
or no longer live there as your principal residence. Reverse mortgages
can help homeowners who are house-rich but cash-poor stay in their
homes and still meet their other financial obligations.
To qualify for most reverse mortgages, you must be at least 62,
live in your home and have sufficient equity in the home. The proceeds of a
reverse mortgage are tax-free, and reverse mortgages have no income
restrictions. Reverse mortgage loan advances do not affect Social Security
or Medicare benefits. The loan must be repaid when the last surviving
borrower dies, sells the home, or no longer lives in the home as a
principal residence. But you'll never owe more than the value of the home
and any remaining equity remains with your estate.
The cash you get from a reverse mortgage can be paid to you in several ways:
Since reverse mortgage loans are now guaranteed by the Federal Housing Administration there is a high level of comfort and security associated with them. A trend seems to be growing across the country, as first soaring housing prices and now rising interest rates combined to significantly boost consumer loan payments. Reverse mortgage loans are being viewed as an excellent alternative income source for seniors who don't want to liquidate stock or bond assets and want to retain their homes through the current real-estate slump.
