| of the home. The location of the home may also have an impact. Reverse mortgages allow the home owner to continue living in the home, and allows repayment of the loan federal home loan mortgage be deferred until the borrower is no longer living in the home. In the United States, the proceeds of the loan are tax-free, there are no minimum income requirements, and for most reverse mortgages, the money can be used for any purpose. The Federal Housing Administration was begun federal home loan mortgage part of the New Deal in 1934. It guaranteed private home mortgages (FHA loans) and provided funds to promote housing construction, especially for poorer people. Income and federal home loan mortgage ratings are not considered by lenders when granting reverse mortgages, notwithstanding a bankruptcy that has not been resolved. The majority of reverse mortgages are FHA insured. In a reverse mortgage in the U.S., a borrower can be paid in a lump sum, in monthly advances (payments), through a growing line of credit, or a federal home loan mortgage of all three. The loan advances are not taxable and do not affect Social Security or Medicare benefits, although Medicaid and SSI benefits may be impacted. The cost of a reverse mortgage exceeds the costs of other types of loans. However, in some cases the costs may federal home loan mortgage less than or the same as the cost of selling a home and moving. In the United Kingdom, HSBC was the first major bank |
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