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With a Reverse Mortgage do I lose ownership of my home?No, the homeowner retains complete ownership of the property.
What are My Payment Plan Options? You can choose to receive the money from a reverse mortgage all at once as a lump sum, as a line of credit or a combination of these.
Does My Home Qualify? Eligible property types include single-family homes, 2-4 unit properties, manufactured homes and townhouses.
Are There Any Special Requirements to Get a Reverse Mortgage? As long as you own a home, are at least 62, and have enough equity in your home.
What If I Have An Existing Mortgage? You may qualify for a reverse mortgage even if you still owe money on an existing mortgage.
What is a Reverse Mortgage? A reverse mortgage allows homeowners who are 62 years or older to convert a portion of the equity in their homes into cash. No payment is required as long as the borrower owns and lives in the home. There are no incomes, asset, credit, or medical. The homeowner retains title and ownership of the home. Cash advances can be used for any purposes, for example, vacations, your children or grandchildren's college education, long-term health care insurance.
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