What are the advantages of a reverse mortgage?
A. There are many. Here are a few of the most significant: • Remain independent. A reverse mortgage allows you to remain in your home and retain home ownership. • Stay in your home. It allows you to remain in your home and retain home ownership. • No monthly mortgage payments. You need not pay back the reverse mortgage loan nor make any monthly mortgage payments until you permanently move out of the home. • Tax-free money. Because the money you receive from a reverse mortgage is not considered income, it is tax free* and will not affect your Social Security or Medicare benefits. • Freedom and flexibility. The money you get from a reverse mortgage is yours to use in any way you choose.
