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Definition of Reverse Mortgage

Reverse Mortgage
A reverse mortgage is a form of equity release. It is a loan available to home owners or home buyers over 62 years old. It allows one to access a portion of the equity in one’s home. The home owner can draw the mortgage principal in a lump sum or receive monthly payments over a specified term or over their lifetime as a line of credit. Title to the property remains in the name of the homeowners.

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Posted June 2015