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Reverse mortgages are a way for seniors to access the money they have built up as equity in their homes over the years. There are several types of reverse mortgages on the market today.
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One of those is the Home Equity Conversion Mortgage (HECM) from Fannie Mae which offers homeowners age 62 on older the ability to tap into their home equity and receive loan proceeds in a lump sum or in monthly payments to help supplement their income.This type of loan does not need to be repaid as long as your home is your principal residence and you stay current with your property taxes and home owners insurance.
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