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Glossary of Terms > R > Reverse Mortgage

Reverse Mortgage

A reverse mortgage, enables homeowners to obtain money for any reason, essentially taking the equity out of their home and receiving monthly payments from it. Whether seeking money to finance home improvement, pay off a current mortgage, or supplement retirement income, or even health care, many older Americans turn to reverse mortgages for additional money. Functioning the opposite way traditional mortgages do, the loans allow older homeowners to convert part of the equity in their homes into cash without having to sell their homes or take on additional monthly bills.

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Reverse Mortgage

Revolving Debt

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