Not exact matches
Unlike a traditional
mortgage, home equity loan, or home equity line of
credit (HELOC), a reverse
mortgage allows senior homeowners
to access a portion of their equity
without ever having
to make a monthly
mortgage payment.3 The loan proceeds are not taxed as income, or otherwise, 4 and do not become due until the last borrower or qualifying non-borrowing spouse no longer occupies the home as their primary residence.3
Provided the borrower is the primary occupant of the house, they can
access these loans
without any income or
credit criteria needing
to be met; given that they are in adherence
to the recently passed and new reverse
mortgage rules.
It allows them
to access their home equity in the form of monthly income, a line of
credit or immediate cash, tax - free,
to use for any reason,
without ever having
to make a
mortgage payment on the loan, as long as they live in their home and meet some required criteria.
Unlike a traditional
mortgage, home equity loan, or home equity line of
credit (HELOC), a reverse
mortgage allows senior homeowners
to access a portion of their equity
without ever having
to make a monthly
mortgage payment.3 The loan proceeds are not taxed as income, or otherwise, 4 and do not become due until the last borrower or qualifying non-borrowing spouse no longer occupies the home as their primary residence.3