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Reverse Mortgages were created specifically for older Homeowners who own their home outright, or owe little on it. These Seniors may use the extra cash for living expenses - or to just improve the quality of their lives.
A Reverse Mortgage is a home loan for Seniors that does not have to be repaid for as long as they continue to live in their home. It is a loan that they can receive in a variety of ways. For example, you can receive a lump sum of money, or a line-of-credit that lets you decide how much of your equity to use, or a monthly advance for whatever term you decide (may be open-ended), or any combination of these cash-advance choices.
For older Homeowners, a Reverse Mortgage can satisfy a variety of needs. You can use the money to payoff debts, deal with financial emergencies, travel, increase your monthly income, pay for home improvements, help your children or grandchildren, establish a cash reserve for future needs or purchase a new home. There are many possibilities.
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