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Blog
12 Jun 16 - 04:44
What Is A Reverse Mortgage?
It’s all in the name, a reverse mortgage is simply a mortgage in reverse. In a traditional mortgage the borrower makes regular payments on the loan, this builds up their equity in the home. Once the loan is paid in full, the borrower owns that home outright. In a reverse mortgage the borrower receives regular payments, in exchange they give up some of this equity to the bank. Reverse mortgages are only available to seniors over the age of 62.
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