Reverse Mortgage Agreement

Reverse Mortgage Agreement - A Reverse Mortgage Agreement is a financial contract that allows homeowners, usually seniors, to convert part of their home equity into cash while retaining ownership of their home. Unlike a traditional mortgage, borrowers do not make monthly payments to the lender; instead, the loan amount, along with interest and fees, is repaid when the homeowner sells the property, moves out permanently, or passes away.

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Reverse Mortgage Agreement
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Definition and Examples

Definition
A Reverse Mortgage Agreement is a financial contract that allows homeowners, usually seniors, to convert part of their home equity into cash while retaining ownership of their home. Unlike a traditional mortgage, borrowers do not make monthly payments to the lender; instead, the loan amount, along with interest and fees, is repaid when the homeowner sells the property, moves out permanently, or passes away.
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