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Key takeaways If you’re a homeowner aged 62 or older, a reverse mortgage can help you obtain tax-free income, allowing you to stay in your home, pay bills, supplement your income and more.
A reverse mortgage allows older homeowners to tap their home’s equity and receive tax-free payments. ... a reverse mortgage can keep seniors from turning to high-interest lines of credit or ...
How to qualify for a reverse mortgage. To qualify for a reverse mortgage, you must meet the following requirements: Age 62 or older. Outright ownership of your home or a low-balance mortgage
A reverse mortgage is a mortgage loan, usually secured by a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments.
Key takeaways. Reverse mortgages allow seniors to tap into their home equity to supplement living expenses during retirement. Reverse mortgages come with age, residency, equity and debt guidelines ...
The Seniors Real Estate Specialist (SRES [1]) designation is awarded by the SRES Council to Realtors who have successfully completed coursework on the real estate needs of home buyers age 50+. Distinctive needs, factors, and considerations for this segment of the population include: Housing for Older Persons Act (HOPA) reverse mortgages
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