A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of the equity in his or her home into cash. The equity built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower no longer use the home as their principal residence. HUD's reverse mortgage provides these benefits, and it is federally-insured as well. In a typical mortgage, a homeowner pays a monthly amount; after each payment, the owner has more equity in the house. After a certain amount of time, the mortgage will be paid off and the equity in the house will be equal to its value. In a reverse mortgage, the homeowner pays nothing each month so that the owned share of the house actually decreases over time. To qualify for a reverse mortgage in the United States, the borrower must be at least 62.
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· 6 years ago