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Reverse Mortgages

A "reverse mortgage" is a type of financing option that allows homeowners to borrow against the value of their house and may be a good option for certain homeowners. But unlike a home equity loan, in which the borrower must make payments on a regular basis, a reverse mortgage only needs to be paid back after the homeowner dies or sells the house. This type of mortgage is especially useful for older homeowners who need cash for things such as paying off the current mortgage or paying for increasing health care expenses, but it often means they lose that asset after their death if they don't otherwise pay back the loan and can't offer it in a will. FindLaw's Reverse Mortgages section provides a general overview and some practical tips.

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