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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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Beware of fraud originating in phone messages and faxes: FDIC Consumer News has warned before about crooks who call or e-mail consumers and pretend to be legitimate companies or government agencies wanting people to "verify" or "resubmit" (divulge) confidential information such as bank account or credit card numbers as well as Social Security numbers, passwords and personal identification numbers. Here are variations to know about. More...

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