Generally, a reverse mortgage is a loan a person takes against the value of their property. It allows the borrower to access the unencumbered value of their property without having to make monthly mortgage payments. San Diego Reverse Mortgage can be a great way for older homeowners to use their home equity. However, there are some eligibility requirements that homeowners should know before they apply.
First, knowing how much you owe on your current home is important. This amount will be considered when you apply for a reverse mortgage loan. You may be turned down if you owe more than the home is worth. Second, you must meet government standards and make sure your home is safe and sound. This means that you should have ground-floor windows that lock and that the home has no structural issues. You’ll need to meet FHA property requirements if your home has more than four units. Third, you’ll need to have a
Unlike other loan advances, the proceeds of a reverse mortgage are not taxable income. This means they won’t affect your Social Security benefits, Medicare benefits, or Supplemental Security Income. But there are other tax considerations to consider. You will still have to pay for property taxes, homeowners insurance, and maintenance on your home. If you are using the loan proceeds for home improvements, you can deduct the cost of those improvements. However, you may be limited in what you can deduct.
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