Old age is the time when you get to be peaceful, free from the hassles of society and work. But what if a need for a lump sum amount arises at this age? There’s nothing to worry when you have a property in hand. The reverse mortgage scheme for homeowners aged 62 and above, is a safe method to borrow money upon your home.The major advantage of this scheme is that neither there is any requirement to pay monthly installments nor it requires an income proof. The reverse mortgage saver are flexible in the sense they provide various options of payments to homeowners such as whole cash, monthly payouts, etc. Also, the HECM Saver which is a low cost reverse mortgage loan is insured by the Federal Government. The money is non-taxable and does not affect the benefits of aged home owners. This scheme can also turn into an income if the money obtained is invested.One should satisfy certain pre conditions such as occupying the home as your primary residence and maintaining taxes and insurance without expiring for borrowing money.However reverse mortgages are not that suitable for short term needs due to the higher closing costs. There are also jumbo reverse mortgage available for homes of high value.
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