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Benefits of a Reverse Mortgage
Access up to 55% of the equity in your home
ed to move or sell)
Reverse Mortgage for people over 55
A reverse mortgage is a type of loan secured against your home. It differs from a line of credit in that you don’t have to make any monthly payments on a reverse mortgage. Interest accrues on the loan and is due when you decide to move or sell your home.
Eligibility and how much money you could receive depends on the following factors
Your age - you must be 55 or over
The value of your home (must be at least $150,000 to qualify)
The location of your home
The type of home - detached, condo, apartment, etc.
Your home equity (it's appraised value minus any mortgage or line of credit)