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Whether seeking money to do home improvements, payoff your current mortgage, supplement your retirement income, or pay for health care expenses, many older Americans are turning to "reverse mortgages". They allow older homeowners to convert part of the equity in their homes into cash without having to sell their homes or take out additional monthly bills. In a "regular mortgage", you make monthly payments to the lender. But in a "reverse mortgage", the loan must be repaid when you die, sell your home, or no longer live there as your principle residence. Reverse mortgages can help homeowners who are house-rich, but cash poor stay in their homes and still meet their financial obligations.
To qualify for most "reverse mortgages", you must be at least 62 years old and live in your home. There are three types of reverse mortgages available today. Contact us for more information.
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