Local Mortgage Information for Your Area
What is a Reverse Mortgage?
Specifically tailored for retired senior citizens, a reverse
mortgage lets home owners convert part or all of their home's
equity into cash. This cash can be made available in one lump sum or in installments.
Getting a reverse mortgage differs from getting a
second mortgage (either a
home equity loan or
home equity line of credit) because no current income is required to qualify, and no repayment is required until the borrower no longer uses the home as their principal residence.
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