In the TweetChat “Putting your Home Equity to work: How to use your home to stay at home!” we will explore how using an often under-utilized or overlooked asset, the equity you have built up in your home, can provide you options to improve your future ability to age in place in that home. Those options include; remodeling the home to better prepare your home to accommodate your needs as your physical abilities might decrease, provide you with technologies to improve caregivers' awareness of your daily activities and also how that home equity can provide you with the resources needed to pay for in home medical or non-medical care. The strategies we discuss in the TweetChat will focus on pre-planning and taking a proactive approach to using your home equity in the future rather than waiting until an urgent need occurs and then having to react.
Q1.) If I want to use my Home Equity why wouldn’t I just use a Home Equity Line of Credit or regular mortgage instead of considering taking out a Reverse Mortgage? Isn’t the Reverse Mortgage a much riskier loan?
Q2.) Wouldn’t it be safer to wait until I need to use my Home Equity before I put that plan in place?
Q3.) Isn’t it a much more expensive loan and don’t I need to own my house free & clear?
Q4.) Doesn’t the bank now own my house?
Q5.) When does the loan have to be paid back?
Q6.) Will it affect my Social Security or Medicare?
Q7.) Are taxes owed on a reverse mortgage?
Q8.) How can I choose to take the reverse mortgage proceeds and are there any restrictions on what I use the funds for?