Reverse Mortgage

A reverse mortgage is open to retirees, typically 60 or 65 years old and above, which allows them to release equity in their home in exchange for lump sum or regular payments, or a line of credit. While this can give borrowers a fairly convenient way to access funds, while still owning their home, there’s also a caveat in that it comes with a compounding interest structure. Because of this, the value of the loan could increase significantly in a short amount of time. Thus, it’s important to use this option appropriately and understand all the facts involved.

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