The information provided by you to Reverse Helpline is not an application for a reverse mortgage loan, nor is it used to pre-qualify you with any lender. What is a Reverse Mortgage – A reverse mortgage is a loan available to homeowners, 62 years or older, that allows them to convert part of the equity in their homes into cash.
A reverse mortgage does not affect “non-means-tested” government benefits programs such as Social Security. However, a reverse mortgage can affect “means-tested.
Reverse Mortgage Age Requirements. With a reverse mortgage, the homeowner does not make monthly mortgage payments. It can be a great option for people who have substantial equity in their homes and need extra money. Best of all, the loan does not have to be repaid until the homeowner no longer uses the home as their primary residence.
2016-01-15 · Borrowers should consider the drawbacks before taking out a reverse mortgage.. How to Pick the Best Home. 3 Tips to Get a Bigger Kick out of Your.
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