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Glossary Term: REVERSE MORTGAGE

Definition(s) for REVERSE MORTGAGE:


1. ) Used by some homeowners as a source of income in retirement, it pertains to a loan against a home that can be paid to the homeowner as a lump sum, a cash advance or a line of credit.

2. ) A financial tool that provides seniors with funds from the equity in their homes Generally, no borrower payments are made on a reverse mortgage until the borrower moves or the property is sold The final repayment obligation is designed not to exceed the proceeds from the sale of the home



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