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What Is A Reverse Mortgage? A Reverse Mortgage FAQ
These are common questions people have regarding reverse mortgages. See your mortgage broker or real estate attorney for more specific information.
What is a Reverse Mortgage?
A reverse mortgage uses part of a home owner's equity to provide immediate cash to the home owner. Payments to the homeowner can be made in a multiple of ways. The reverse mortgage is only paid off upon the death of the borrower or sale of the property by the borrower.
How is a reverse mortgage different from a home equity loan?
Home equity loans are paid back over a period of scheduled payments for a set number of years. A reverse mortgage is repaid when the borrower no |
