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A Reverse Mortgage is a mortgage loan that enables over-65s to receive, using their home as security, monthly payments to top up their income for a fixed term, and potentially for the rest of their life.
After the death of all of the holders, their heirs will have a certain period of time to repay the total amount owed, with the option of repaying it by selling the property or of keeping the house and repaying the debt.
While with a traditional mortgage you, as a customer, receive the full amount of the loan from the bank and make monthly payments to repay the debt, with a Reverse Mortgage, in exchange for mortgaging your home, you will receive a monthly payment that you will not need to pay back in your lifetime. After death your heirs will have to repay the loan and its interest.
The monthly amounts received through a Reverse Mortgage for a fixed term are not subject to personal income tax.
In addition, this monthly income can supplement any other income that you may be receiving such as a pension or other funds; and the loan can be paid back early if you wish.
The amounts received through a reverse mortgage are not subject to personal income tax.
You will be able to continue living in your current home as the owner.
The heirs will get the remaining value of the house after the debt has been paid off.
We know that the decision to take out a Reverse Mortgage is very important and that you need time to understand all the details and decide whether or not to take it out. As well as having a team of specialists at your disposal, it is very important for your family to help you with your decision-making process.
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It is very rare and highly unlikely that this situation will arise, since the product is designed with enough of a margin for your heirs to comfortably pay off the debt. Even if this does happen, the debt will always be limited to the assets of the estate itself, the recovery of the debt is limited to the assets comprising the inheritance itself.
Documents will be reviewed annually with the borrowers and we will request the following documents:
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