A reverse mortgage works by allowing homeowners age 62 and older to borrow from their home’s equity without having to make monthly mortgage payments. As the borrower, you may choose to take funds in a lump sum, line of credit or via structured monthly payments. The repayment of the loan is required when the last surviving borrower vacates the home permanently.
How It Works:
- Access a portion of your home’s equity
- Percentage is based on age of youngest borrower
- Make no monthly mortgage repayments
- Funds are tax-free, and may be used for virtually anything
- Loan is repaid when you pass away or sell your home
- Any remaining equity belongs to your heirs
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