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798 Rays Road #102 Stone
Mountain, GA 30083 Bus. 404.298.9200 Fax. 404.298.9377 |
A reverse mortgage is a unique type of loan used by older
Americans to convert the equity in their homes into cash.
The money from a reverse mortgage can provide seniors with
the financial security they need to fully enjoy their
retirement years. The reverse mortgage has earned its name
because the payment stream is "reversed." Instead of making
monthly payments to a lender, as with a regular first
mortgage or home equity loan, a lender makes payments to
you. The money from a reverse mortgage can be used for
anything from daily living expenses to home repairs and home
modifications.
To qualify for a reverse mortgage you must be at least 62
and own your own home. There are no income or medical
requirements to qualify. You may be eligible for a reverse
mortgage even if you still owe money on a first or second
mortgage. In fact, many seniors get a reverse mortgage to
pay off a first mortgage.
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