| people, used as a way of commercial estate mortgage real their home equity (the value of their home, minus the amount of mortgage(s)) into a cash payment (or series of payments) while retaining ownership of the property. To qualify for a reverse mortgage in the United States, the borrower must be at least 62 and be able to pay it off an existing mortgage with the proceeds from the reverse mortgage and if needed, additional personal funds. The amount any individual commercial estate mortgage real is eligible for depends on their age and the Federal Housing Administration (FHA) appraised value 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 commercial estate mortgage real loan to 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 commercial estate mortgage real begun as 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 credit 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 commercial estate mortgage real 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 combination of all three. The loan advances are not taxable commercial estate mortgage real do not affect Social Security or Medicare benefits, although Medicaid and SSI benefits may be impacted. The cost of |
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