what is the reverse mortgage means?

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  • Anonymous
    1 decade ago
    Best Answer

    A reverse mortgage or a conversion mortgage lets you use the equity value of your home as collateral and help you earn income from it. You are eligible if your age is more than 62 years and need money for emergencies. The good thing is you are earning money while staying in your home. The difference between the normal mortgage and reverse mortgage is that in normal mortgage, you pay the bank monthly, while in the reverse mortgage the bank pays you.

    http://simplify-your-debt.com/category/Reverse-Mor...

  • Anonymous
    1 decade ago

    Unique guide info about your question HERE:

    http://all-mortgage-calculators.blogspot.com

    (home loans, apartment financing, mortgage guide)

    Good luck! All is possible!!

  • Anonymous
    1 decade ago

    You get paid insted of paying your mortgage and It means you lose your home to the state after you die......in a nutshell....Its for old people

  • Anonymous
    1 decade ago

    You get paid monthly but what you are doing is eventually the bank owns your home. You are pulling all the equity out until you don't have any left.

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  • T
    Lv 5
    1 decade ago

    It is based on the equity in the property. You can contact just about any lender and they will give you info on it. I think that there is even a website that you can go to and learn how it works.

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