What is a reverse mortgage (November 2022)

Like a conventional mortgage, a reverse mortgage loan enables

homeowners to borrow money while using their house as security for the loan

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Similar to a conventional mortgage, the title to your property

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is kept in your name when you take out a reverse mortgage loan.

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With a reverse mortgage loan, borrowers do not make monthly mortgage payments

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in contrast to a conventional mortgage. When the borrower vacates the property

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the loan is paid back. Each month, fees and

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interest are added to the loan sum, which causes it to increase.

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