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Home equity is a valuable financial resource. By definition, it’s the difference between your home’s value and how much you owe on your mortgage. For example, if your home is worth $500,000 ...
A reverse mortgage is a type of loan that allows homeowners ages 62 and older to borrow against their home equity, using their home as collateral. The loan amount you’re approved for is based on ...
The biggest difference between a reverse mortgage and a regular mortgage is the purpose of the loan: Borrowers take out regular mortgages to buy homes, then repay those funds to the mortgage ...
The loan amount available through a reverse mortgage depends on the age of the borrower (or the age of the youngest spouse when there’s a couple), as well as the home’s appraised value ...
Bank of America Home Loans is the mortgage unit of Bank of America.It previously existed as an independent company called Countrywide Financial from 1969 to 2008. In 2008, Bank of America purchased the failing Countrywide Financial for $4.1 billion.
A reverse mortgage allows... For many retirees, their largest asset is their home -- but they might not be ready to sell to cash in on their equity. That's where a reverse mortgage can come into play.
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