Estate Planning and Reverse Mortgage
Estate planning is a crucial aspect of financial preparedness in your golden years. While many people associate estate planning with wills and trusts, there’s another valuable tool that can play a pivotal role in securing your financial future: the Reverse Mortgage. Whether you’re a homeowner or simply curious about the possibilities, watch our video to discover the potential benefits of integrating Reverse Mortgages into your estate planning strategy.
Things to know about Reverse Mortgages:
- At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds
- Charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums, and servicing fees
- The loan balance grows over time and interest is charged on the outstanding balance
- The borrower remains responsible for property taxes, hazard insurance, and home maintenance, and failure to pay these amounts may result in the loss of the home
- Interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment
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