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Reverse mortgages are becoming an increasingly popular option for many older homeowners. 
Reverse mortgages allow homeowners to turn part of the equity in their home into cash without having to sell their homes.   Simply put, in a standard mortgage, the homeowner makes monthly payments to their lender.  In a reverse mortgage, however, the homeowner receives money from the lender.  In most cases the money does not have to be paid back for as long as you live in your home.  Usually, the loan is repaid when you die, sell
your home, or no longer use the home as your principal residence.  A reverse mortgage can be a good solution for homeowners who are “cash-poor” but “house rich.”  The loan allows older homeowners to stay in their home while still meeting their financial obligations.

Loan conditions on a reverse mortgage will vary from lender to lender, but generally applicants must live in their own home, and be at least 62-years-old.

Click here to listen to "Reverse Mortgages"A reverse mortgage provides a homeowner with either one lump sum payment, or regularly scheduled payments (monthly, for example).  How much a homeowner would be eligible to receive is based on the equity in his or her home.  The home’s total value, the interest rate, and the age of the homeowner, are other factors that help determine the amount of a reverse mortgage.  Reverse mortgages are offered by a number of different lenders including banks, state and local governments, and non-profit organizations. While reverse mortgages may be attractive option for many, it’s important to consider all the pros and cons before signing up. Often the points and fees on a reverse mortgage can be fairly high, and they may affect your eligibility for benefits such as Medicaid and Supplemental Security Income.  Check too if you would still be responsible for such items as property taxes and maintenance on the home.  As with any decision involving your home, make sure you shop around, get all the facts, and get qualified advice before signing on the dotted line.