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Ed and Mary Ann
MarkAdel@taxgurusofpinehurst.com
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As my
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Choose from more than 3,000 handblown
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The Pros of a Reverse Mortgage If you want to keep your home in the Team “Round Table” won the 5 Tickets provided by Seven Lakes News
A reverse mortgage gives you lots of
smooth
family, make sure your heirs are fully to the :Johnny Cash Tribute Benefi t” performance at the Southern
Protecting Home and colors. and Each Families pumpkin is handmade
for by the STARworks Championship.
Glass artists and
interns. Most pumpkins are priced
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used to pay for your house. By trading their fingers. Keeping your home in
pumpk
In The
flexibility, as you are ultimately receiving
part of the money back that you wise your house may slip through
of each Tuesday night competing
equipped to pay off the loan other-
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cost more.
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Bring family and friends for a Winter excepti Won
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This means that the total amount
owed can never exceed the current
value of the home. Once the home is
sold, and the reverse mortgage paid
off, the remaining proceeds go to you
and your estate.
The Cons of a Reverse Mortgage
Sleazy Sales Tactics
If you’ve stumbled upon someone
who is talking you into a reverse
mortgage because they will financially
benefit from it, don’t fall for it. This
salesperson will earn a commission if
you buy the financial product. Instead
of trying to bargain with salespeople,
talk to a financial advisor you
trust.
Things You Need to Consider
Moving After a Reverse Mortgage
Similar to a regular mortgage, there
are origination fees and expenses
you need to pay when taking a
reverse mortgage. However, instead
of paying upfront for these costs, the
fees are added to the balance of the
loan. If you’re planning to move to a
new house in the next 2-4 years find
a less expensive way to borrow
money before settling on a reverse
Real Estate Market
The amount of money you will receive
from a reverse mortgage depends on
your age and the appraised value of
your home. If the market is in a
slump when you decide to take a
reverse mortgage, you won’t be able
to get the best deal. However, if you
take a reverse mortgage when the
marketing is booming, then you later
decide to sell your home in a down
market you may not have much equity
left.
Ownership Responsibilities
As the owner of the property, it will
still be your responsibility to pay
taxes and insurance. Alongside costs
to keep your home well maintained.
It works the same as any other mortgage
– if you don’t pay your taxes
you’ll be in trouble.
Eligibility for Medicaid
All proceeds you receive from a reverse
mortgage are tax-free.
However, the funds you receive will
count as income or an asset which
may affect your eligibility for Medicaid.
But, your proceeds won’t affect
Social Security or Medicare benefits.
By: Millie Jameson
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