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Home equity with no monthly mortgage payments.OPTION
Yes. As long as you continue to pay property taxes, homeowner’s insurance, and maintenance costs, you can stay in your home without mortgage payments until you leave it.
FIRST OFF: WHAT IS A REVERSE MORTGAGE?
A reverse mortgage converts equity in your home into cash. You can receive a large sum all at once, establish a line of credit to draw on as you please, or get paid in monthly installments. If you wish you can pay it back the same as you would any loan. And if you have chosen monthly disbursements, you could continue to collect those for the rest of your life (as long as you're in your home).
AM I ELIGIBLE FOR A REVERSE MORTGAGE?
You must be age 62 or older and own most of your primary residence (the home you live in). If you have an outstanding mortgage on the house, it should be a smaller amount relative to the home's value (less than 50%). You will still be required to pay property tax & insurance and maintenance.