What is Reverse Mortgage?

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Quite simply a reverse mortgage allows you
to tap into the equity you have in your home
without the need to sell the property. The money
you access can be used for any purpose.
It is a lifetime loan, which means that you do not
need to make any repayments while you are still
living in the home. The interest and expenses
will add to the loan and compound over time.
The loan must generally be repaid when your
home is sold or you (and your spouse) move to
long term aged care facility or you pass away.
Interest and any applicable fees would be
included in the outstanding balance of the loan.
Most providers of reverse mortgages will offer
you the option to take the loan proceeds as a
lump sum, as a series of regular payments (like
an income stream) or a combination of the two.


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