A reverse mortgage is a unique type of loan designed for homeowners aged 62 or older. Unlike a traditional mortgage where you make monthly payments to the lender, a reverse mortgage allows you to borrow against your home's equity and receive money from the lender. However, it's crucial to understand that a reverse mortgage is not a quick ticket to free money—it comes with several important considerations. Here's what you need to know.How does a reverse mortgage work?Like a traditional mortgage, homeowners borrow money using their home as security for the loan. But unlike traditional mortgages, you don't make monthly payments to the lender. Instead, the amount you owe grows over time. This is
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