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Reverse Mortgages are a way to extract value from your house while you are still living in it to pay medical bills or other things. That is why they are so popular with older people who have a lot of equity saved up in their homes but are not yet ready to move out. They get the money now and can move when the time is right. visit https://www.advisorworld.com/2021/06/30/lets-get-real-about-reverse-mortgages for more info.
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Single-Purpose Reverse Mortgage: These are offered by local and state government agencies and nonprofits and are tied to a specific purpose, such as paying off property taxes or making home improvements. They often have lower fees and interest rates and looser eligibility requirements for lower income borrowers.
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