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Reverse Mortgages


If you're a homeowner age 62 or older, a reverse mortgage could be right for you. Use the cash to supplement your retirement income, finance home renovations, or pay for long-term health care coverage.

A reverse mortgage is a loan that allows senior homeowners to convert home equity into cash while living at home for as long as they want to, as long as they comply with the terms of the loan. You can receive payments as a lump sum, line of credit, or monthly payment for a specific term or for life. Funds are tax-free monthly payment for a specific term or for life and can be used for any purpose. Borrowers continue to own their own home. There is no monthly mortgage payment, income or credit qualifications, and the loan does not becomes due until the (last) borrower moves out, dies or sells the home.

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This material is not provided by, nor is it approved by the Department of Housing & Urban Development (HUD) or by the Federal Housing Administration (FHA). You should consult your benefits specialist, or financial advisor as Reverse Mortgage payments may have an effect on your particular situation. Consult your tax advisor

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