Advantages of a reverse mortgage loan include:
1) There are no monthly principal and interest mortgage payments
2) You retain ownership of your home and title stays in your name
3) Continue to pay all property related fees, taxes and insurance and maintain the home in good condition.
4) There are no restrictions on how you use the funds available to you
5) Access a portion of the equity in your home
6) You do not have to repay the loan for as long as you live in the home and comply with all loan terms.
7) Home must be principal residence.
8) It is a true non-recourse loan
9) In most cases, insured by the Federal Housing Administration
10) Typically does not affect Social Security or Medicare benefits. However, some benefits like SSI and Medicaid can be impacted. Please contact your benefits administrator about your particular situation.