Reverse Mortgage is a loan for homeowners aged 62 or older. Such loan allows them to convert home equity into cash.
This loan type provides funds to the homeowner from the lender, with various payment options available. Repayment is deferred until the homeowner sells the home or passes away.
Upon the homeowner’s death, sale, or permanent move, the loan is due. The home’s sale proceeds usually cover repayment. If proceeds exceed the loan, the surplus benefits the borrower’s heirs.
Reverse mortgages have eligibility criteria, loan limits, and fees. They require FHA regulation and mandatory counseling to ensure borrower understanding. It’s crucial for homeowners to explore their options, comprehend all costs, and consult financial advisors before opting for a reverse mortgage.
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