What Is a Reverse Mortgage and How Does it Work?

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A reverse mortgage is a type of loan that lets people 62 and older borrow against a part of their home’s equity. Unlike with a traditional mortgage, instead of making monthly mortgage payments to the lender, the borrower receives money from the lender.

The loan doesn’t come due until they move out, sell the house, fail to meet the loan obligations, or die — in which case the heirs assume responsibility for the loan.

Read on to learn more about reverse mortgages and whether they are the right choice for you.

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