Home Equity and Loans

A reverse mortgage is a mortgage loan secured by a primary residential property, for homeowners aged 62 or older that do not require monthly mortgage payments. Reverse mortgages allow access to home equity and defer payment of the loan until they die, sell, or move out of the home. Because there are no required monthly payments on a reverse mortgage, fees and the interest is added to the loan balance each month. Borrowers are still responsible for property taxes, homeowners insurance, and maintenance.

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