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A reverse mortgage is a specialized loan for homeowners, typically seniors, that allows them to convert part of their home equity into cash. Unlike a traditional mortgage where you make payments to the lender, with a reverse mortgage, the lender pays you, either as a lump sum, a line of credit, or monthly installments. The loan becomes due when the last borrower moves out, sells the home, or passes away. Understanding reverse mortgage options, how they work, and associated reverse mortgage fees is crucial for homeowners considering this financial tool.
