Many seniors delay retirement until they are 65 because they cannot afford to pay for their health insurance before Medicare kicks in at age 65. ![]() You may be able to bridge the Medicare gap from age 62 to 65, or delay taking Social Security.Program rates, fees, terms and conditions are not available in all states and subject to change. Credit is subject to age, property and some limited debt qualifications. Borrower is still responsible for paying property taxes, insurance and maintenance (and HOA fees, if applicable). **There are some circumstances that will cause the loan to mature and the balance to become due and payable. If at the time of your passing your heirs wish to keep your home, they can purchase it for 95% of the current appraised value of the property or the balance owed, whichever is less. When a maturity event occurs (e.g., the property is no longer the principal residence of the last borrower or eligible non-borrowing spouse) and the loan becomes due and payable, neither you nor your heirs are responsible for paying the deficit if the balance owed exceeds the home value. You will never owe more than what your home is worth when your loan matures and your home is sold.**.With a reverse mortgage loan, you can refinance a traditional mortgage and free yourself of the burden of fixed monthly mortgage payments, as long as you live in your home as a primary residence, stay up to date on property taxes and homeowners insurance (and homeowners association dues, if applicable) and maintain the home. You may be able to eliminate your monthly mortgage payment.Please consult a tax advisor regarding your specific situation. *This information does not constitute tax advice. You can receive these loan proceeds in a lump sum, a line of credit, or a monthly cash flow payment (similar to an annuity or bridge loan) or a combination of these options. You can receive tax free funds from the equity you have in your home.*.
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