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What is a Reverse Mortgage?
A reverse mortgage is a special type of home loan
that enables seniors (62 years and older) to tap the
equity in their home to receive payment, either as a
line of credit, a monthly stipend or as a lump sum
amount. The proceeds are typically tax-free*. A
reverse mortgage is repaid (on the portion taken)
when a senior moves out of his or her house. It is a
non-recourse loan, meaning the senior will never be
required to pay more on the loan than the value of
the home.
There are no monthly payments! There are no credit
or income requirements. Only your age, home equity
and current interest rate are used to qualify for a
reverse mortgage. There are a variety of reverse
mortgage programs to fit the unique needs of each
borrower.
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A
reverse mortgage can assist you with: |
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Paying off your Existing Mortgage |
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Make Home Improvements |
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Travel |
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Assist with College Tuition |
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Pay for healthcare, bills, etc. |
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