Article provided by: Reverse Loan Solutions
Reverse Loan Solutions ranks as the leading mortgage firm with a prestigious reputation. Navigating the world of finances and mortgages can easily confuse people unfamiliar with the sector. Our firm encourages customers to ask questions and bring up their pressing concerns. Communication stands as the most crucial component of any relationship.
Comprehensive Reverse Mortgage FAQ Guide
It is natural to have questions about reverse mortgages and the services we offer at Reverse Loan Solutions. Please review the compiled list of frequently asked questions about reverse mortgages and their benefits. If you have any other questions not addressed here, please feel free to contact our customer support team.
What is a reverse mortgage?
Simply put, a reverse mortgage is a loan for adults over the age of sixty-two with a considerable amount of home equity. A reverse mortgage consumes the home’s current equity to provide a lump-sum payment or monthly payments to the owner.
How do reverse mortgages work?
Reverse mortgages allow seniors to borrow against the existing equity of their home to receive monetary reimbursement. The homeowner can remain living in the house until their death without paying back the initial loan amount. Upon your death, your home will belong to the reverse mortgage lender. The lender can sell your home for a profit at any price they wish.
Do I have to pay taxes on a reverse mortgage loan?
Reverse Loan Solutions does not require homeowners to pay taxes on the money they receive. A reverse mortgage can be considered an advance payment for your home’s sale, with the home’s equity being the collateral.
Will a reverse mortgage affect my Social Security or Medicare benefits?
In most cases, a reverse mortgage will not affect your Social Security or Medicare benefits. Before agreeing to a reverse mortgage, it is essential to understand all facts and potential fallouts. Our staff at Reverse Loan Solutions can explore all avenues and repercussions with you before you complete the official process.
Should I expect other fees?
There are specific fees related to reverse mortgages. Clients can expect to be informed about all charges and initial costs. Mortgage insurance premiums for federally-insured HECMs may face additional fees.
Is the interest tax deductible?
The interest tax is not considered tax-deductible at this time. However, you never know when new opportunities will open up and surprise you.
How do I know if a reverse mortgage will benefit me?
If you are not sure about the benefits of a reverse mortgage, our team at Reverse Loan Solutions can present your entire range of incentives. You are not obligated to work with us after an initial consultation.
Learn if Reverse Mortgages are Right for You
Any homeowner ready to learn whether reverse mortgage suits their needs is encouraged to please give our team at Reverse Loan Solutions a call. Within a few minutes, our staff can showcase your potential loan solutions in detail. All other questions or problems can be directed to our customer support staff by dialing 1-800-791-5626.