What is a Reverse Mortgage?
Reverse Mortgage:
A Reverse Mortgage is designed for older homeowners to convert their
home equity into cash.

(Home equity is the value of the home minus outstanding debts against
the home.)

Money is advanced to the home owner based on the amount of equity in
the home.

The mortgage debt is increased by the amount of the money advanced.
Interest accrues on the loan balance but no payments have to be made
until the home is sold or the borrowers die.
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