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What is a reverse mortgage?

A reverse mortgage is similar to a traditional home equity credit line (HELOC), except you get to keep the money and retain ownership, without making a monthly payment. When you permanently move out of your home or pass away the money you've used, plus interest, is deducted from the value of your house. Your heirs can then sell the house and receive the balance, or they can pay us the difference and keep the home-it's completely up to them.

Click here for more information on reverse mortgages.