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Reverse mortgage

• A contract with a financial institution that allows a homeowner to get retirement income by borrowing against the equity in the home, with no repayment needed while the individual lives in the home.

 
 

Follow this link for all the terms related to mortgage.

 
 Embedded terms in definition
 Contract
Equity
Financial institution
Income
 
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Tips for Trying to Fix a Clogged or "Frozen" Home Equity Line: For years, homeowners have turned to home equity lines of credit (HELOCs) as a way to borrow against their home's value to pay for college tuition, home improvements, medical bills and other major expenses. (A home's equity is the market value minus what is owed on the mortgage. If you owe $100,000 on your mortgage but your home is worth $250,000, your equity is $150,000.) More...

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