Possibilities are, you have actually seen commercials boasting the advantages of a reverse mortgage: "Let your house pay you a monthly dream retirement earnings!" Sounds wonderful, ideal? These claims make a reverse mortgage sound almost too great to be true for senior house owners. But are they? Let's take a better look. A reverse home mortgage is a kind of loan that utilizes your home equity to offer the funds for the loan itself.

It's basically an opportunity for senior citizens to tap into the equity they've developed over numerous years of paying their mortgage and turn it into a loan for themselves. A reverse mortgage works like a regular home mortgage because you need to apply and get authorized for it by a loan provider.

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