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Reverse Mortgage Bank

Roberta Said:

What is Reverse Mortgage in Banking Terminology?

We Answered:

A reverse mortgage is a loan that enables senior homeowners, age 62 and older, to convert part of their home equity into tax-free income - without having to sell their home, give up title to it, or make required monthly mortgage payments. The loan becomes due when the last borrower(s) permanently leaves the home. The borrower is responsible for the real estate property tax and hazard insurance payments as well as maintaining the home in reasonable condition.

Freddie Said:

Reverse Mortgage?

We Answered:

http://www.hud.gov/offices/hsg/sfh/hecm/…

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