A reverse mortgage loan allows homeowners to borrow money using their home as security for the loan. With a reverse mortgage loan, borrowers don't make monthly mortgage payments, the loan is repaid when the borrower no longer lives in the home. Interest and fees are added to the loan balance every month.
With a reverse mortgage loan, homeowners are required to pay property taxes and homeowners insurance, use the property as their prncipal residence, and keep their house in good condition.
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