Reverse Mortgage Payback Question

[Richard Whitfield]

I have a paid for house that the market value is about $800K. I would like to use the equity for an investment but do not want to make payments for two years so I am thinking about a reverse mortgage for $200K to be paid back in two years. My question is if I took $200K in a reverse mortgage what would I be paying back after two years to close out the reverse mortgage? Thanks!

[Chad U.]

Originally posted by @Richard Whitfield:

That is the info I was looking for. I think I have also read that the interest is not tax deductible.

You'd be much better off getting a HELOC with interest only payments.

If you do not wish to pay any interest, there are some lenders who offer equity based loans that are only paid back when you sell your home.  One such is QuantmRE. 

https://www.quantmre.com/