How do reverse mortgages work?

Asked on near Marietta, GA
Topics: Business & FinanceReal Estate

Answers


Jeff Jockisch

A reverse mortgage allows older Americans to use the equity that they have built up in their house to supplement their current income. The cool part is that they can still stay in the house until they die, and then the bank takes ownership.

A reverse mortgage is a loan against your home that you do not have to pay back for as long as you live there.

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How do reverse mortgages work?

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