If you are elderly and are feeling strapped for cash and your social security is no
where near enough to get you through the month, there are ways for you to get financial
freedom senior funding by considering a reverse mortgage on your home. This allows you
to benefit from the equity in your home while still living in it. If you have lived in
your home for years and have a lot of equity a reverse mortgage may be just the ticket.
A reverse mortgage is a loan against the equity in your home, basically the equity is
the collateral. To qualify for a reverse mortgage you must be at least 62 years old.
You can receive the loan amount as one lump sum or as a monthly payment. The loan does
not need to be repaid until you die or you move out of the home at which time the loan
must be repaid in full.
One way to gain financial freedom senior funding is by the huge tax advantage you will
be able to take advantage of. When you qualify for a reverse mortgage, the loan you get
is non- taxable. This is a huge advantage over having to sell your home outright.
Her is how it all works. If you sold your home for a profit you would have to pay
capital gains taxes on that profit. But with a reverse mortgage you get the benefit of
the equity without incurring the tax penalty.
You can repay the reverse mortgage during your lifetime if you choose. If you have
taken the lump sum payment, you can make monthly payments to repay that amount.
Otherwise the amount will need to be repaid upon your death by your heirs. In most
cases the sale price of the home would be enough to repay the loan.
If you take out a reverse mortgage you can not lose your home, unlike with a typical
mortgage. If you live in the home with the reverse mortgage and it is your principle
residence, it will remain yours until you die or move into an assisted care facility.
At that point your reverse mortgage will come due and may require the sale of your
house to be repaid.
Since you will likely not make enough money on any investments from your reverse
mortgage payout to out distance the interest you are accruing, using this money to fund
your investments is usually considered to be unwise.
If you are 62 or over and have lived in your home for many years and have a lot of
equity a reverse mortgage may allow you to have a little extra money to pay down debt
or do some home improvements or traveling. The money you get from these loans is yours
to with with as you see fit, there are no regulations on what you can or can not do
Financial freedom senior funding from a reverse mortgage can be a great idea to use the
money to pay down debt or make some much needed improvements to your home. Just
remember that the interest rate you will be charged along with the principle will have
to be paid back so you should try to find the best way to put it to work for you.
Need Credit Repair. CLICK HERE. Use our code y766YdvbOm
Grab Your Free Ebook
BetterLegal is the fastest and most affordable way for business owners to set up their Business. We file with your State same day so you’ll have your Business within 2 business days. We are offered in all 50 states for a flat fee of $299.
WebHostingPad offers everything you need to launch your website: domain names, site builders, WordPress, and more. Click here to get started!