What is a Reverse Mortgage?

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A reverse mortgage may be an option for income for anyone over age 62 who has significant equity in his/her home. A reverse mortgage offers homeowners the opportunity to leverage the equity in their home to get money they need now. A traditional mortgage leverages the value of the home itself to provide money for the homeowner to own a home. While a typical home mortgage must be paid every month, a reverse mortgage can have a different payment schedule and in some cases, reverse mortgage may not have to be paid until you sell your home.

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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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