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Ask Shop Rate: Zach, Amarillo, TX

Posted by  on Apr 16, 2009
 
How does a Reverse mortgage work? Reverse mortgages typically are for seniors and it allows them to access their equity in their home while at the same time eliminates any monthly mortgage payments. As long as they remain in the home, they still own the home - not the lender. The amount of cash they receive is based upon their age and the value of the property. The loan balance becomes due if the person should pass away or move away from the property.


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