Jan 25 2017 26296 1

Dated: 01/25/2017

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Most home buyers know what a mortgage is, but what is a reverse mortgage? You’ve heard this term bandied about, and maybe have even seen the late-night TV ads promoting them. But people are often confused or all-out clueless on the details, so allow us to explain.True to its name, a reverse mortgage is the opposite of a traditional loan, where you borrow a couple hundred thousand dollars from a lender and then slowly pay it back month by month—plus interest. In a reverse mortgage, your lender pays you, slowly turning the equity you’ve earned in your home back into cold, hard cash.However, just because you qualify doesn’t mean this loan option is a good idea for you.                                                            

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