If you have a mortgage, you may have heard about a way to have a mortgage loan that requires no payment. This may sound surreal, but it is known as a reverse mortgage. As opposed to the traditional mortgage loan that is repaid over time, the reverse mortgage is designed for the homeowner to receive […]
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How To Know If A Reverse Mortgage Is Right For You
A reverse mortgage is a loan. Unlike forward mortgages, which are used in buying a home, you don’t need to make any loan payments when it comes to the reverse mortgage. The loan becomes due if a borrower dies, sells their home, or moves permanently. The government requires lenders to structure a transaction, so the […]
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