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If you're 62 years of age or older with equity in your home, a reverse mortgage may turn that equity into cash. You may use the money to repay your existing mortgage, then take any remaining funds as a lump sum, a line of credit, monthly income or any combination thereof. Unlike a traditional mortgage, no repayment is required until the home is sold or the owner permanently moves out or passes away. Best of all, proceeds are tax-free and you retain title to your home.
One of your most important assets is your home, and usually holds a certain amount of equity. Because of this equity, when the time comes someday for the loan to be repaid, the value of the home when sold is able to re-pay the loan. Any equity remaining after the home is sold belongs to your heirs. Meanwhile, you are able to live in the home for as long as you like without making payments. A reverse mortgage does not require monthly payments.
Yes. As long as you pay your taxes and insurance and otherwise comply with the loan terms, you will retain ownership of your home. The bank only takes title of your home if you do not meet these obligations. As long as you pay your taxes and insurance and otherwise comply with the loan terms, you remain the owner of the home and may live there for as long as you want. Any additional equity remaining after your loan is paid back belongs to your heirs.
Not at all! A reverse mortgage can be a very powerful and intelligent strategic financial planning tool available to the senior population that can supplement retirement income and manage retirement risks. However, the reverse mortgage should be evaluated and customized to your particular need.
To qualify for a reverse mortgage, you must:
The amount of money you can receive depends on:
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Blue Cross Blue Shield - Illinois
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Blue Cross Blue Shield - Oklahoma
Blue Cross Blue Shield - Texas
Blue Shield of California
Capital Blue Cross
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Premera Blue Cross
Scott & White
Vibra Health Plan
Last Revised 11/15/2017