What Is a Reverse Mortgage?


A reverse mortgage allows people 62 and older to convert equity in their homes to tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. When the borrower leaves the house, the property reverts to the lender to pay off the loan.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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