So what exactly is a reverse mortgage?



Nickeas

A reverse mortgage is a federally regulated program for homeowners age 62 and older. It allows the equity in a home to pay you rather than you paying for the home.

Officially named the Home Equity Conversion Mortgage, the reverse mortgage is a federally insured and guaranteed program.

No matter what happens in the economy, how much money you receive or how long you live in your home you are never required to make a mortgage payment, but you can if you choose to.

In addition, ...

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