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Reverse Mortgage Advantages

Vickie Said:

what are the advantages to a reverse mortgage?

We Answered:

A reverse mortgage is a way of selling your house back to a bank. Every month the bank sends you a check, but the house isn't yours anymore. You can continue to live in the house until you die, but you can't leave it to your heirs because it will belong to the bank.

Reverse mortgages are a good idea for old or sick people who need money and know this is the last place they will ever live. Other than that it is a raw deal.

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