There seems to be a controversy over reverse mortgages and if they are actually a benefit to the elderly. Just like with any product offered, there are upsides and downsides to having a reverse mortgage. If you are having cash flow issues and would like to investigate the advantages that a reverse mortgage can provide, some of them are below.

More Money Available for Expenses

This is the most obvious advantage; you will have more money available to you. This money is yours to do with as you wish, so you do not have to worry about how you spend it. It can be put to living expenses, medical bills or any other needs you may have.

Tax Free Income

A reverse mortgage is a loan that is paid to you in installments. This means that the money you are getting from a reverse mortgage is tax free. While laws may be different in your state, money from a reverse mortgage, even if it is paid to you in a lump sum is most likely tax free.

No Repercussions for Default

While a reverse mortgage is a loan, you do not have to make payments on it as long as you live in your home. This means you cannot be evicted or otherwise lose your home if you choose to get a reverse mortgage.

If you think that a reverse mortgage might be right for you, get a legal opinion from the experts at Stano Law group before you sign any paperwork.