A reverse mortgage is a type of loan that’s reserved for seniors age 62 and older, and does not require monthly mortgage payments. Instead, the loan is repaid after the borrower moves out or dies. Instead, the loan is repaid after the borrower moves out or dies.
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A reverse mortgage or HECM (Home Equity Conversion Mortgage) is a low-interest loan for homeowners age 62+ that uses a home’s equity as collateral. The loan amount is a percentage of the home’s value determined by the age of the youngest homeowner. The loan does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away.
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Unlike a home equity loan, the money does not have to be repaid until the borrower dies, moves out or sells the home. The loans can be a life line for house-rich, cash-poor seniors struggling with.
A reverse mortgage loan only needs to be repaid if you pass away or if your home stops being your primary residence. This could be the case if.
The loan does not have to be repaid until the homeowner dies, sells the house, Under the FHA's reverse mortgage program, homeowners must be at least 62.
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Reverse mortgages are loans that allow seniors to tap into the home equity they’ve built without having to sell their property. And unlike traditional loans, where you make monthly payments against the principal and interest, with a reverse mortgage you only repay the principal and interest once you sell or move permanently from the home.
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Reverse mortgages are options for seniors as a way to financially help during. Since many of these mortgages do not get repaid until after the borrower dies,
Unlike traditional home equity loans which are repaid monthly, a reverse mortgage does not have to be repaid until the borrower no longer occupies the home.
When the reverse mortgage loan does become due, the borrower’s heirs/estate can choose to repay the reverse mortgage loan and keep the home or put the home up for sale in order to repay the loan. If the home sells for more than the balance of the reverse mortgage loan, the remaining home equity passes to the heirs. If the home sells for less than the owed balance, the estate is not required to pay more than the value of the home at the time the loan is repaid.