Reverse mortgage is a financial product that enables senior citizens (60+) who own a house to mortgage their property with a lender and convert part of the home equity into tax-free income without having to sell the house. Instead of you making monthly payments to a lender, as with a regular loan, the lender makes payments to you. Multiple options are available for repayment of the loan in lumpsum at the end of the loan term. Use this calculator to find out how much payment you can expect to receive from the lender when you opt for reverse mortgage.
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