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What is a reverse mortgage?

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asked Aug 1, 2012 in Reverse Mortgages by anonymous
   

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    A reverse mortgage is a type of home loan that lets homeowners turn their homes' equity into cash that may be paid to them in a lump sum, monthly payments or other forms. To qualify you have to be 62 years old (or older) and the house must be your primary residence. It is a loan but no monthly payments are made -- the balance must be paid off if the homeowner dies, sells the home or has another primary residence.  
answered Aug 30, 2013 by bbrown Inquisitive Expert (97,580 points)

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