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Monthly
Line of Credit
Lump Sum
Mix and Match
Reliable Source of Income
Tax Free
No Monthly Mortgage Repayments
Money can be used for any purpose
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Here are the conditions under which you generally have to repay a reverse mortgage:
- When the last surviving borrower dies, sells the home, or permanently moves away, “permanently” generally means that the borrower hasn’t lived in the home for 12 consecutive months.
- Possibly, if you do any of the following :
- fail to pay your property taxes
- fail to keep up your home insurance
- let your home fall into despair
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If you do allow your home to go to waste, the lender may be able to make extra cash advances to cover these expenses. Just remember that reverse mortgage borrowers are still homeowners and therefore are still responsible for taxes, insurance, and upkeep.
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