Reverse Mortgages
Reverse mortgages are a type of mortgage in which a homeowner can borrow money against the value of his or her home, receiving funds in the form of a fixed monthly payment or a line of credit. No repayment of the mortgage (principal or interest), is required until the borrower dies, moves away permanently or sells the home. The transaction is structured so that the loan amount will not exceed the value of the home over the life of the loan.
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