Reverse mortgage television commercials abound, but it is hard to get straightforward — easy to understand — answers in response to your reverse mortgage questions.This is one of the most common reverse mortgage questions. Yes. Reverse mortgages are loans. With a reverse mortgage, you are borrowing your own home equity. However, unlike traditional home equity loans, no loan payments need to be made until the loan comes due.
People are used to loans being something that you need to make payments on. However, with a reverse mortgage you are not obligated (although it is allowed) to pay anything back while a reverse mortgage loan is in effect.
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