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Reverse Mortgage

Reverse Mortgage (also known as a Home Equity Conversion Mortgage/HECM) is a loan that allows borrowers to get money from the equity in their home without having to make monthly payments. As time goes on, the debt will increase and home’s equity will decrease. The amount borrowers receive from a reverse mortgage depends on their age and the value of the home. Borrowers must be at least 62 years of age to qualify for a reverse mortgage.

Synonyms:
Home Equity Conversion Mortgage
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