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Reversed Annuity Mortgages - Q & A
| Q: |
What is a
reverse mortgage loan? |
| A: |
A
reverse mortgage is a special type of loan available only to
equity-rich, older homeowners. Such owners can borrow against the equity
they have built up over teh years, but no repayment is necessary until
the borrower sells the property or moves elsewhere. If the borrower dies
before the property is sold, the estate repays the loan (plus any
interest that has accrued.
These loans have become increasingly popular. If you believe you
qualify for such a loan, be sure to have the document reviewed by an
attorney or another expert.
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Copyright 1999 Inman News Features
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