Reverse mortgages for seniors

It’s not a scam but what is called a reverse mortgage. Robinson says for a long time reverse mortgages have been misunderstood but are backed by the US Government. Robinson say this type of loan is for seniors 62 and older. The catch is you must be free and clear of your mortgage payments to get the loan. Depending on what your home is worth, your age and the number of borrowers depends on how much money the bank will loan you.

And you get to decide if you want the money in payments or a lump sum.

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