The main advantage of Reverse Mortgages is that you can eliminate your traditional mortgage payments and/or access your home equity while still owning and living in your home.
In good economic times and bad, the key advantages and benefits of reverse mortgages include:
Instead of pulling out equity by selling your home, a reverse mortgage allows you to continue living in your home payment-free. Yes, you read that right. Keep your home without paying your mortgage.
The amount of money that you can receive from a HECM depends on a number of factors, such as age, the type of reverse mortgage you select, current interest rates, and the appraised value of your home.
Depending on the program you choose, there is a range of options for receiving the proceeds of a reverse mortgage, including:
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