No monthly mortgage payments are required with a reverse mortgage.* This frees up your monthly budget for retirement activities and expenses. You’ll still need to pay property taxes, homeowners insurance, and maintain your home, but the mortgage payment burden is eliminated, giving you more financial freedom in retirement.
*The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.
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