Reverse Mortgage

What is a reverse mortgage?

Reverse Mortgage Definition: A reverse mortgage is when a homeowner borrows against their home’s equity, either as monthly payments, fixed amounts or in a lump sum. People often take out a reverse mortgage when they need to pay unexpected costs, fund renovations on their home, or other expenses.

In some cases, a reverse mortgage may be provided as a line of credit, and the amount of the loan must not exceed the home’s value. A reverse mortgage is typically offered to seniors, giving them access to their home’s equity in cash without making monthly payments.

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