Reverse Mortgages are for homeowners that are 62 years and older. This loan was developed to help retirees that have a limited income pay for living expenses. Homeowners can convert part of the equity in their home into cash to pay for living expenses. Instead of making a monthly payment to the lender, the lender pays the borrower each month. The borrower is not responsible to pay back the loan until the property is sold. The homeowner must keep up to date with property taxes, homeowner insurance, and any other fees associated with owning the home.
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