A reverse mortgage is a loan that allows homeowners who are 62 or older to borrow against a portion of the equity in their home. A reverse mortgage works differently than a traditional mortgage loan, however. Instead of making payments to your lender, your lender will pay you. The loan first pays off your existing mortgage. If you have one, then you can use the remaining funds for anything you’d like. You must continue paying your property taxes and homeowners insurance and are responsible for maintaining the home.
The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM).
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