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What is a Reverse Mortgage?
Reverse mortgages allow homeowners aged 62 or older to convert home equity into cash while living in the home; allowing them to enjoy their home for as long as they live there. Borrowers continue to own their homes and are not required to make monthly payments. Proceeds from the reverse mortgage can be received in a variety of different ways: lump sum, line of credit, or monthly payments.
Simply put, a reverse mortgage is a home loan that provides cash payments based on home equity. Homeowners normally “defer payment of the loan until they die, sell, or move out of the home.” Upon the death of homeowners, their heirs either give up ownership to the home or must refinance the home to purchase the title from the reverse mortgage company.
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In preparation for your counseling session all borrowers should review the following documents. Write down any questions you have so you can be prepared to ask your counselor during your session. If you have family members or trusted advisers (lenders are not allowed) that you would like to attend, please have them available during your scheduled appointment time.
Consumer Education Services, Inc. (CESI) is a non-profit service provider of comprehensive personal financial education and solutions for all life stages and for all of life’s milestones. Our goal is enhanced economic security for everyone we serve.
CESI is NOT A LOAN COMPANY