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What is a Reverse Mortgage?

Many older Americans are using their homes to help fund their retirement.

Using a reverse mortgage, homeowners age 62 and older can tap into their home’s equity to receive money they can use in a variety of ways.

The homeowner is only required to repay these loans when they sell the property, move out for at least a year, or the owner of the property passes away.

“Homeowners have utilized reverse mortgages to be able to access equity in their property for other financial needs that they have in retirement,” said Lorraine Geraci, reverse talent and development manager at New American Funding.