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How Does it Work?
How Does a Reverse Mortgage Work?
With a reverse mortgage... the lender pays the homeowner tax free payments based on the amount of equity in the home and the age of the owner(s). While keeping title and forgoing any monthly payments, in a reverse mortgage the equity is now drawn upon and the payments are "reversed". As long as the surviving senior remains in the home. Keep in mind there are no income, medical or credit requirements to qualify.
