![]() ![]() ![]() Homeowners must be at least 62 and own their own homes to get a reverse mortgage. Instead of making monthly payments to a lender, the lender makes payments to the homeowner, who continues to own the home and hold title to it.Īccording to the National Reverse Mortgage Lenders Association, the money given by the lender is tax-free and does not affect Social Security or Medicare benefits, although it may affect the homeowners’ eligibility for certain kinds of government assistance, including Medicaid. ![]() Money can then be used to cover home repairs, everyday living expenses, and medical bills. A reverse mortgage is an increasingly popular option for older Americans to convert home equity into cash. ![]()
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