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Reverse Mortgage

Definition

This is a special home loan product that allows a homeowner age 62 or older the ability to access the equity that has accumulated in their home. The home itself will be the source of repayment. The loan is underwritten based on the value of the collateral (home) and the life expectancy of the borrower. The loan must be repaid upon death, the sale of your home or when you no longer live there as your principal residence.