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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