Reverse Mortgage

The reverse mortgage is a special type of home refinance for a person 62 years old or older. This is a way that a person can pull money out of his home without having to make payments on the line of credit or lump sum that they receive. With this type of program there is no payment or repayment of the loan and the money may be distributed in one lump sum payment, used to create a fixed income for the duration of life, or it may be used as a line of credit to be drawn upon as needed. These options can also be combined depending upon the homeowner?s particular situation.

Down and out financially doesn’t need to be your situation in life to use this type of loan. You may just want to pay off an existing loan balance and not have any more payments. Freeing up the …

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