What is a reversible mortgage?

What is a reversible mortgage?

When you take out a reverse mortgage, you are borrowing back some of the money you put into your home over the years. How much can you borrow? In most cases, the loan will equal between 10% and 40% of your home’s value. It depends on:

* What your home is worth
* Your age. Older, single homeowners may be able to borrow more
* Interest rates. The higher rates are, the less you can borrow.

Example: A single person 75 years of age whose house is worth $200,000 might get a reverse mortgage of almost $93,000.
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