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How a Reverse Mortgage Operates More Like a Traditional Mortgage Than You Think
The term “reverse mortgage” was one that was used often just a few years ago and continues to be discussed frequently. While it is not any more complicated than a regular mortgage, it is important to make sure that you understand how the reverse mortgage works and what the restrictions are to getting one.
How to Calculate Your Reverse Mortgage
Everyone understands how a mortgage works: you borrow money from a bank or other financial institution to buy your home. A reverse mortgage takes the equity that you have built up in that very same home and makes it work for you, giving you access to tax free money.
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