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Reverse Mortgage

A reverse mortgage is a type of mortgage that allows homeowners who are 60 years of age or older to convert a portion of their home’s equity into cash. Unlike traditional mortgages, no payments are required, and the interest and payments accumulate against the equity in the property. To maintain the reverse mortgage, the homeowner must continue to reside in the property. The loan is typically repaid when the property is sold, is no longer the primary residence, or upon the death of the owner(s).