Reverse Mortgage
What Does 'Reverse Mortgage' Mean?
A reverse mortgage allows homeowners to convert part of their home equity to cash to pay for long-term care expenses.
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A reverse mortgage is a financial tool designed for elderly homeowners. These elderly individuals can use a reverse mortgage to convert their home equity into cash.
Then, they can use that cash to cover long-term care or other expenses. Individuals must repay the loan after they move out or pass away.