Reverse Mortgage

A reverse mortgage is a loan option for seniors who want to borrow money against the equity they have built up in their home. If they don’t pay …

A reverse mortgage is a loan option for seniors who want to borrow money against the equity they have built up in their home. If they don’t pay back the loan, the investor will receive legal ownership of the home at the time of their death. Reverse mortgage lenders charge interest as well as servicing fees for this product. Some of the companies that offer reverse mortgages are Bank of America and Wells Fargo.

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