Buy custom Reverse mortgage
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| Topic: |
Miscellaneous
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| Number of pages / Number of words: |
22 / 5967 |
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The amount that can be borrowed depends on the age, the equity in the home, the value of the home, and the interest rate.
The home owner can be paid in a lump sum, in monthly advances, through a line of credit, or a combination of all three. The loan advances, which are not taxable, generally do not affect Social Security or Medicare benefits, since they constitute an asset exchange and not an income...
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The loan advances, which are not taxable, generally do not affect Social Security or Medicare benefits, since they constitute an asset exchange and not an income. However, reverse mortgages tend to be more costly than traditional loans. They also use up all or some of the equity in a home.
2.0 Basic Loan Features
Although there are different types of reverse mortgages, there are certain basic features which are common to them...
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