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A reverse mortgage, also known as the Home Equity Conversion Mortgage (HECM), is a mortgage that allows senior members (aged 62 years and above) to access and borrow against the equity in their home without having to sell it, give up the title, or incur a monthly mortgage payment.
While such funds can be used for any purpose, repayment is required only if the borrower dies, sells the home, or no longer occupies the home as the primary residence. The proceeds of the reverse mortgage depend upon the age of the youngest borrower, the current interest rate, lower of the appraised value or purchase price of the home, and the maximum mortgage limit.
The borrower has several options for receiving the proceeds:
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