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Interested In A Reverse Mortgage? Here Are The Top 10 Things To Know.
Have you heard about a reverse mortgage? Here are the answers to your most burning questions.
 
1. What is a reverse mortgage?
A reverse mortgage is a type of loan that homeowners aged 62 or older are able to take out. If you have equity in your home, you qualify! With a reverse mortgage, you're able to convert part of your home's equity into cash. The loan product was made to help retirees supplement their fixed income using the accumulated wealth they have in their home. It's enough to cover your health care, living expenses, and other costs.
 
There is no restriction on how you can use the proceeds from your reverse mortgage, which is why many people are beginning to apply for them.
 
2. Can anyone apply for it?
If you are aged 62 years or older and you own your own home, you may qualify. If you currently have a mortgage on your home, it must be paid off before you apply for a reverse mortgage or by using the funds from your reverse mortgage. Investment properties and vacation homes don't qualify for the program.
 
3. How do I apply for a reverse mortgage? 
If you are thinking about applying for a reverse mortgage, the first ... more

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