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Financial freedom senior funding

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If you are elderly and are feeling strapped for cash and your social security is no where near enough to get you through the month, there are ways for you to get financial freedom senior funding by considering a reverse mortgage on your home. This allows you to benefit from the equity in your home while still living in it. If you have lived in your home for years and have a lot of equity a reverse mortgage may be just the ticket.

A reverse mortgage is a loan against the equity in your home, basically the equity is the collateral. To qualify for a reverse mortgage you must be at least 62 years old. You can receive the loan amount as one lump sum or as a monthly payment. The loan does not need to be repaid until you die or you move out of the home at which time the loan must be repaid in full.

One way to gain financial freedom senior funding is by the huge tax advantage you will be able to take advantage of. When you qualify for a reverse mortgage, the loan you get is non- taxable. This is a huge advantage over having to sell your home outright.

Her is how it all works. If you sold your home for a profit you would have to pay capital gains taxes on that profit. But with a reverse mortgage you get the benefit of the equity without incurring the tax penalty.

You can repay the reverse mortgage during your lifetime if you choose. If you have taken the lump sum payment, you can make monthly payments to repay that amount.
Otherwise the amount will need to be repaid upon your death by your heirs. In most cases the sale price of the home would be enough to repay the loan.

If you take out a reverse mortgage you can not lose your home, unlike with a typical mortgage. If you live in the home with the reverse mortgage and it is your principle residence, it will remain yours until you die or move into an assisted care facility. At that point your reverse mortgage will come due and may require the sale of your house to be repaid.

Since you will likely not make enough money on any investments from your reverse mortgage payout to out distance the interest you are accruing, using this money to fund your investments is usually considered to be unwise.

If you are 62 or over and have lived in your home for many years and have a lot of equity a reverse mortgage may allow you to have a little extra money to pay down debt or do some home improvements or traveling. The money you get from these loans is yours to with with as you see fit, there are no regulations on what you can or can not do with it.

Financial freedom senior funding from a reverse mortgage can be a great idea to use the money to pay down debt or make some much needed improvements to your home. Just remember that the interest rate you will be charged along with the principle will have to be paid back so you should try to find the best way to put it to work for you.

Article Source: Messaggiamo.Com





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