| plan, at a price higher than the original price. reverse mortgage (known equity hometown mortgage equity withdrawal in the United Kingdom) is a type of loan available to older people, used as a way of converting their home equity (the value of their home, minus the amount of mortgage(s)) into a cash payment (or series of payments) while retaining ownership of the property. To qualify for a reverse mortgage in the United States, the borrower must be at least 62 and be able to pay it off equity hometown mortgage existing mortgage with the proceeds from the reverse mortgage and if needed, additional personal funds. The equity hometown mortgage any individual homeowner is eligible for depends on their age and the Federal Housing Administration (FHA) appraised value of the home. The location of the home may also have an | ![]() |
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