Reverse Mortgages

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Reverse Mortgages

Reverse mortgages allow seniors to take out money from their homes without incurring any tax liabilities. The proceeds of the loan are used for improving the quality of life. The borrower can use the funds for paying medical bills or traveling. To qualify for a reverse mortgage, the borrower must be at least 62 years of age and have significant equity in their home. With reverse mortgages, the lenders disburse funds to the borrower in installments or in a lump sum. The borrower only needs to pay back the mortgage lender when the property is sold.


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