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What is a Reverse Mortgage?

Your Complete Guide to Reverse Mortgage Information

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What is a Reverse Mortgage? HECM Reverse Mortgage?

A reverse mortgage is a loan. You are borrowing against your home equity. However, unlike traditional mortgages, with a reverse mortgage you do not have to pay back the money borrowed as long as you are living in the home.

When you get a reverse mortgage, you are borrowing your own home equity. (Home equity is the difference between what your home is worth and the amount you owe on your home.) So if your home is appraised at $300,000 and you still owe $50,000 on the mortgage, then you have $250,000 in home equity.

How Much Money Can I Get?

Use a reverse mortgage calculator to estimate your own loan amount. These systems estimate the amount of money you get with an equation using the appraised value of your home, the amount of money you owe on the home, your age and current interest rates.

Reverse Mortgage Facts?

Important reverse mortgage facts that you need to know: 1) Reverse mortgages are a kind of home equity loan. 2) The primary borrower needs to be at least 62. 3) Your home must be your primary residence. Learn more reverse mortgage facts...

What Are the Pros and Cons of Reverse Mortgages?

While there may be strong reasons to get a reverse mortgage and much has been done over the years to make reverse mortgages a stronger product, there are some downsides. Explore the pros and cons of reverse mortgages...

What is a HECM Reverse Mortgage?

A Home Equity Conversion Mortgage (HECM Reverse Mortgage) is the most popular kind of reverse mortgage. It is administered by the Federal Department of Housing and Urban Development (HUD). Read more...

Reverse Mortgage Questions

REVERSE MORTGAGE CALCULATOR

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