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The maximum amount that can be borrowed is usually based on the age of the homeowner, the appraised value of the home and the current interest rate. Generally, the more equity you have in your home, the older you are and the lower the interest rate, the more you can tap into it for cash. With most lenders, you may choose to receive your payment as a lump sum, in regular monthly payments, as a line of credit you can draw against when you need cash or some combination of these options.
You continue to own your home and are responsible for property taxes, operating expenses and maintenance. Because you make no payments on the loan, the balance owed increases each month as interest is applied and compounds.
Your home is likely to be your most valuable asset. Before you tap into the equity in your home, consult with a CPA who can examine your financial situation and help you determine if a reverse mortgage makes sense for you.
In accordance with IRS Circular 230, the information on this website is not intended or written to be used, and cannot be used as or considered a "covered opinion" or other written tax advice and should not be relied upon for the purpose of avoiding tax-related penalties under the Internal Revenue Code; promoting, marketing, or recommending to another party any transaction or tax-related matter(s) addressed herein; for IRS audit, tax dispute or other purposes.