A reverse mortgage is a type of loan that has been specifically designed for seniors over the age of 62 years to borrow money using the equity in their home as security. The loan can be taken as a lump sum, a regular income stream, a line of credit or a combination of all these options.
Interest is charged like any other loan, except the borrower is not required to make repayments while they live in their home — the interest compounds over time and is added to the loan balance. The borrower remains the owner of their house and can stay in it for as long as they wish.
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