How do reverse mortgages work? A reverse mortgage is really just another type of home equity loan. The big difference is that you don't have to make any loan.
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In divorces, a reverse mortgage could help resolve a big problem – [More Kass: Does my rec room qualify for a home office tax deduction?] One possible solution: Use a reverse mortgage for both transactions, typically referred to as HECM or Home Equity Conversion.
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How to Find the Best Reverse Mortgage Lender | U.S. News – With a single-purpose reverse mortgage, the lender restricts how you can use the money from a reverse mortgage. For example, a single-purpose reverse mortgage may only be used to pay off property taxes or to make home repairs. These reverse mortgages are typically the least expensive option, but they are limited in availability.
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Reverse Mortgage Cutback Slashes Cash for Seniors – The basic theory behind reverse mortgages – you must be 62 or older to apply – is that instead of making payments to a lender like in a traditional mortgage, the borrower receives non-taxable money.