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Reliable Source of Income
Tax Free
No Monthly Mortgage Repayments
Money can be used for any purpose
Monthly
Line of Credit
Lump Sum
Mix and Match
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The total amount you will owe the end of the loan (your loan balance) equals:
all the cash advances you’ve received ( including any used to pay loan costs )
Plus all the interest on them – up to the loan’s non-recourse limit (the value of the home ).
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You can never owe more than the value of the home at the time the loan is repaid.
True reverse mortgages are non-recourse loans, which means that in seeking repayment
the lender doesn’t have recourse to anything other than your home – not your income,
your other assets, or your heirs’ finances.
Even if you get monthly advances until you’re 110 years old, even if your home
declines in value between now and then, and even if the total of monthly advances
becomes greater than the value of your home. If you or your heirs sell your home
in order to pay off the loan, the debt is limited by the net proceeds from the
sale of your home.
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