A reverse mortgage is a mortgage in which the borrower does not make a mortgage payment each month. Borrower may still be responsible for paying property tax, home insurance and home association dues.
Being over age 65.
Have substantial equity in your property.
Possible negative equity
Yes
Take cash out of your property
No mortgage payment
Each client situation is different. Talk with a mortgage professional today.
How long do you intend to stay in the property?
How much is it costing me?
Will the costs outweigh the benefits?
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