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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 ...
Reverse mortgage. A home equity conversion mortgage — or reverse mortgage — is designed for homeowners ages 62 or older. You borrow money from your home’s equity as a loan, but no monthly ...
Refinancing a mortgage involves swapping out your current home loan for a new one, often with a different rate and term. The process is similar to when you initially purchased your home. Our ...
Note that the interest rates on reverse mortgages vary by lender, but tend to be higher compared to a regular mortgage. ... As with a home purchase mortgage or refinance, take the time to shop ...
Reverse mortgage: A reverse mortgage isn’t a refinance in the traditional sense. It allows homeowners aged 62 and older (sometimes 55 and older) to turn their equity into income.
Option 2: Refinance the mortgage. If you’re the borrower and you want to move out but still keep the home, you can refinance your reverse mortgage into a traditional mortgage loan. Just remember ...
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