A reverse mortgage is a financial product for homeowners aged 62 or older, allowing them to convert home equity into cash without selling their home. Unlike traditional mortgages, it provides payments to the homeowner and is repaid when the borrower moves out, sells the house, or passes away. Harlan Accola, National Reverse Mortgage Director at Movement Mortgage and author of "Home Equity and Reverse Mortgages: The Cinderella of the Baby Boomer Retirement, discusses the ins and outs.
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