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Tag Archives: retirement

Straight Facts about Reverse Mortgages

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Reverse Mortgages Are Not For Everyone, But They Are Great Products For Certain Individuals In Their Retirement Years With Limited Cash Flow

You have probably heard the term “reverse mortgage” but do you really understand what one is?  A reverse mortgage is basically a loan homeowners older than 62 years old can utilize to convert part of their equity in their home into cash.  Retirees with limited income streams were originally the target audience for this product – the idea was that folks in their retirement years could benefit from the equity in their homes by having the home/bank make payments back to the homeowner instead of the homeowner paying the bank.  A borrower is not required to pay back the loan until the home is sold or otherwise vacated.  As long as a borrower lives in the home they are not required to make any monthly payments towards the note balance, however the borrower must remain current on the property taxes, HOA dues, etc.

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