A reverse mortgage is a type of home equity loan that allows you to convert some of the existing equity in your home into cash while you retain ownership of the property. Equity is the current cash value of a home minus the current loan balance.
You have worked hard and your home has appreciated in value, now reap the rewards. A reverse mortgage allows you to convert some of your existing equity into monthly cashflow. All the while you maintaining the ownership in your home.
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How does a reverse
mortgage work?
