Key Benefits of a Reverse Mortgage:
- Supplemental Income: Enhance your retirement income with a steady stream of monthly payments.
- No Monthly Mortgage Payments: Free up your cash flow by eliminating the burden of monthly mortgage obligations.
- Tax-Free Income: Proceeds from a reverse mortgage are tax-free, providing a boost to your disposable income.
- Staying in Your Home: Preserve your independence and cherished memories by remaining in the comfort of your own home.
Potential Risks to Consider:
- Home Loss: Failure to fulfill loan obligations could result in foreclosure and potential home loss.
- Growing Loan Balance: The loan balance on a reverse mortgage increases over time, potentially reducing your home equity.
- Closing Costs: Incurrence of closing costs at the loan origination stage could diminish the net proceeds you receive.
Determining Your Eligibility:
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