Reverse Mortgage Income

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Reverse Mortgage Facts You Need To Know:

FACT #1: Unlike most conventional mortgages with a reverse mortgage you do not have to make any regular payments on the loan.

If you and your spouse are 55 or older and you own your home as your principal residence, you may be eligible to receive up to 50% of your home’s current appraised value in cash. The specific amount you’ll receive is based on your age, your spouse’s age, the location and type of home you have, and your home’s current appraised value. No matter how much you receive, you never have to make monthly principal or interest payments (until you move or pass away), so you get the money you need without reducing your cash flow!

FACT #2: There are no income, employment or credit requirements.

Since the amount you receive is secured against your home, qualifying is easy and hassle-free—even if you’re living on a very limited retirement income.

FACT #3: You can receive the money whichever way works best for your lifestyle.

With a reverse mortgage, you can choose a single lump sum payment or ongoing monthly, quarterly, semi-annual or annual income. You can even choose a lump sum to begin with, followed by ongoing advances over time.

FACT #4: A reverse mortgage can be used to clear up all your remaining debts.

Maybe you still have a mortgage remaining on your house and the payments are cutting into your lifestyle. Maybe you have monthly credit card bills piling up. A reverse mortgage can be the ideal solution. In most cases, you can use the funds to eliminate mortgage payments and credit card debts, and still have enough left over so you can enjoy life more and not have to worry about money.

FACT #5: Your income taxes and pension are unaffected.

As a retired person, one of your major concerns is how much you’ll be paying in taxes each year, since that can really affect your cash flow. Fortunately, the money you receive from a reverse mortgage isn’t considered income—even if it’s invested in an account or annuity with monthly withdrawals. This is because the home equity you’re accessing has already been taxed, since you purchased your home with after-tax dollars. Not only don’t you have to pay taxes on your reverse mortgage proceeds, they won’t bump you up into the next tax bracket. And since they’re not considered income, they won’t affect your Old Age Security (OAS) or Guaranteed Income Supplement (GIS) payments.

FACT #6: You maintain ownership of your home

You’ll never be asked to move or sell your home to repay your reverse mortgage, as long as you maintain the property and stay up-to-date with property taxes, fire insurance and condominium or maintenance fees. Your equity and estate is fully protected since the reverse mortgage amount can never exceed your home value. Sure, the equity in your home will decrease over the years as you receive payments, but your home’s value will likely increase even more quickly over the same period.

FACT #7: Reverse mortgages are significantly less expensive than they used to be.

Reverse mortgage rates are approximately 5% less then what they were 5 years ago, and today reverse mortgage rates are comparable to bank posted rates.

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  • Pay off debts
  • Fix up your home
  • Cover monthly expenses
  • Never make a payment
    until you choose to move or sell

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