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What Exactly is a Reverse Mortgage? - 02/01/11 09:16 PM
What exactly is a reverse mortgage? (Technically known as a HECM - Home Equity Conversion Mortgage).
It is simply a loan against a home, just like a "forward" mortgage, in many respects.  Let's say you buy a home and get a mortgage from Moneybags Lending for $200,000.  Now Moneybags Lending has a lien against your home for that amount.  You now have to start making monthly payments to the lender until the loan is paid off or you either sell the home or refinance it (which has the effect of paying off the loan).  We are all familiar with these types … (2 comments)

 
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Sylvia Williams, Ed.D

Elk Grove, CA

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Reverse Mortgage Consultant

Address: Elk Grove, CA, 95624

Office Phone: (866) 523-1959

Cell Phone: (916) 719-4683

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Information, Insight, and Education on the reverse mortgage program. Be sure to subscribe so you can catch posts! Moving Forward in Reverse with Sylvia Williams



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