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Reverse mortgages are a loan option for those who are looking to cash in on the equity of their home. Reverse mortgages began in Great Britain, and made the trip to the United States around the 1980ís as a way to help retirees with low monthly income.
How do I qualify?
To qualify for a reverse mortgage the home in discussion must be owned, or have very little payment left on its original mortgage. In addition, the homeowner must be 62 or older and not receive specific help for the government (social security does not count).
Because reverse mortgages have only been around for a few decades, there is a lot of skepticism toward reverse mortgages, but that can all be put to rest with some basic knowledge of the process and a trusted lender. However, it is advised to be cautious about the loan process. Scams and shifty advertising is frequently seen in this space, because scammers believe they can take advantage of those who are eligible.