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Tag: repayment

Reverse mortgage can help you own a home

Reverse mortgage

A reverse mortgage loan is a type of national loan programme which are offered for those who are over the age of 62. Under the assumption that a person who borrows has a spouse, the bank will process the loan using the age of the youngest spouse. Just as it is called a “reverse mortgage”, things are a little reversed in how it works because the lender pays money to the borrower, instead of the other way around in a traditional mortgage. The bank will release the home’s equity to the owners in monthly payments or as a whole amount. In the case of a reverse mortgage, the homeowner is not obligated to pay the balance until the house sells or the owner dies.

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