Eddie

Senior citizens and retirees can use a reverse home mortgage for meeting their cash demands. They can use their home as a source of tax free income. Under this scheme, a person receives a cash amount equivalent to the value of his home. The cash can be received either as a lump sum or in the form of monthly payments. The beauty of a reverse home mortgage is the lack of any tax, since the cash payments are considered a loan.

Reverse home mortgages are offered at numerous interest rates. ...