A reverse mortgage offered by Waterstone Mortgage allows homeowners aged 62 and older to access their home equity without monthly payments. Homeowners can choose from a lump sum, fixed monthly payments, or a line of credit. Maintaining ownership, homeowners must keep the property as their primary residence, pay property taxes and insurance, and adhere to FHA standards. Reverse mortgages can also be used to purchase homes, allowing seniors to preserve cash for other expenses. Additionally, this financial tool can strategically enhance Social Security benefits by delaying claims until age 70. Consultation with a tax advisor is recommended to understand the tax implications fully.
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