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Thursday, September 25, 2014

Guide to Reverse Mortgages

The Consumer Financial Protection Bureau (CFPB) recently updated their guide to reverse mortgages.

More and more homeowners are considering tapping their home equity as they approach retirement age. Getting a reverse mortgage is one way that some older homeowners can do that.

Reverse mortgages are a special type of home equity loan sold to homeowners aged 62 years and older, which are repaid when the borrowers sell the home, move out, or die.

Reverse mortgages are a complicated type of loan that works best for homeowners who carefully consider all of their options.

Check out the guide to reverse mortgages (pdf) to learn more about them.