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5 things to know about reverse mortgages in retirement
There is still a lot of confusion about using a reverse mortgage in retirement. However, with new revisions by the FHA to their Home Equity Conversion Mortgage product, also known as a Reverse Mortgage, many people are once again considering as an option to supplement retirement income from other sources. The Home Equity Conversion Mortgage is called a reverse mortgage because instead of paying into a loan, as with a typical mortgage product, it pays you cash out of your home equity. And because of this, it is used as a financial tool by savvy seniors who have discovered the benefits of a reverse mortgage in retirement. There are 5 quick things we think you should know about reverse mortgages.
      .  There are special qualifications that must be met in order to use a reverse mortgage in retirement. Certain age restrictions, housing and living restrictions, and mortgage limits apply. Overall, the program was designed to benefit seniors who live in their home and do not want a mortgage payment.
      .  A reverse mortgage and a home equity loan are different With a reverse mortgage in retirement, there is no monthly principal and interest payments due, ... more

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