Many eligible older Americans are reaping the benefits of reverse mortgages, a recent Huffington Post article points out. 

Citing the Washington State Department of Financial Institutions, Huffington Post lists six benefits reverse mortgages can offer — “many of which are worth considering.”

Benefits of reverse mortgages are that they are not based on credit score or income; offer numerous payout methods; can be federally insured; are tax-free funds; no repayment is required; and home ownership is still retained, the Huffington Post says.

“The New York State Department of Financial Services advises that you retain the title of the home with a reverse mortgage,” the Huffington Post says regarding home ownership. “But the lender will place a lien on the title in the amount of the monies borrowed. So if you do end up moving or selling the home, that lien will have to be satisfied before any remaining monies are paid out.”

Read the article here.

Written by Cassandra Dowell