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Reverse Mortgage

The Complete Guide to Reverse Mortgages and How They Can Help You Retire Early

by Skills.Money
in Blog, Personal Finance
Reading Time: 2 mins read
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A reverse mortgage is a loan against the home, which is not required to be paid back as long as the person lives there. With a reverse mortgage, a person can turn the value of his home into cash without having to move or repay the loan each month.

The money may be received in several ways from a reverse mortgage, as mentioned below:

  • All at once, in a lump sum of cash or a regular monthly cash advance.
  • A “credit line” account lets the person decide when and how much of his available money is paid to him.
  • As a combination of these payment methods.

The person must own the home to be eligible for a reverse mortgage.

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