Finance & Business

Reverse mortgages can seem confusing, but they offer a unique way for homeowners, especially seniors, to tap into their home equity without selling their house. What exactly is a reverse mortgage? It's a loan that allows homeowners aged 62 or older to convert part of their home equity into cash. Unlike traditional mortgages, where you make monthly payments to a lender, with a reverse mortgage, the lender pays you. This can be a lifeline for those needing extra funds for retirement, medical expenses, or other needs. However, it's crucial to understand the terms, benefits, and potential drawbacks before diving in. Let's explore 45 facts about reverse mortgages to help you make an informed decision.

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