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what is a reverse mortgage

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asked Dec 10, 2013 in Reverse Mortgages by anonymous
recategorized Dec 10, 2013 by DeniseC
   

1 Answer

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A reverse mortgage is an option where the cash payments are made to the home owner against the home equity.  The homeowner can stop making payment on their home until they die or move out.  Since the payments are not being made, the interest keeps getting added to the remaining loan balance.
answered Feb 10, 2014 by charlie Inquisitive Expert (100,740 points)

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