Reverse mortgage is for those homeowners who are over the age of 62. The equity in the home is turned into income that is tax free. There is no need to sell the home, lose the title or have a new monthly payment.
“Reversed” is used this type of mortgage in that the payments are reversed. The lender now makes payments to you instead of you to the lender.
The amount you are approved for depends on your age, the appraised value of the home, current interest rates and the limit of lending in the area. Typically, the older you are and the more your home is worth, the amount of you will receive will be more.
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