Reverse Mortgages are loans that allows homeowners to borrow money using their home as security for the loan. The loan does not require the borrower to make monthly mortgage payments as long as they remain current on their property taxes, insurance, any HOA fees, and keep the home in good condition. The loan is repaid when the borrower no longer lives in the home. Interest and fees are added to the loan balance each month and the balance grows.
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With a reverse mortgage, you can use the equity in your home to receive loan proceeds in the form of a lump sum, monthly payments, a line of credit, or a combination of these. As with any other loan, terms and payouts are determined by the product, fees and interest rate.