If you own your home and are 62 years or older, you may be eligible for a reverse mortgage. Basically, this allows you to convert part of the equity in your homes into cash.
Designed to help retirees with limited income use the accumulated wealth in their homes to cover basic monthly living expenses and pay for health care. Although there are no restrictions on how you use the funds from your reverse mortgage.
They call it a reverse mortgage because instead of you making monthly payments to the bank, the bank makes payments to you.
If you qualify for a reverse mortgage, you will not be required to pay back the loan until the home is sold or otherwise vacated. You simply need to live in the home to avoid requirments to make monthly payments towards the loan balance. You must, however, remain current on property taxes, homeowners insurance and homeowners association dues (if applicable).
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