Using A Reverse Mortgage to Finance Home Maintenance
As homeowners, we understand that regular upkeep and repairs are an inevitable part of owning a property. However, the financial burden of these maintenance expenses can often be overwhelming. Fortunately, a Reverse Mortgage provides a unique solution that allows homeowners to tap into the equity in their homes to fund these essential repairs, ensuring a comfortable and safe living environment. In this video, we will explore the concept of a Reverse Mortgage and delve into how it can be a great tool for financing home maintenance.
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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