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Reverse
“Reverse” in reverse mortgage refers to the reversal in payment flows. With a standard mortgage, the balance starts high, and the borrower makes payments each month to lower it. With a reverse mortgage, the opposite is true. The initial loan balance is relatively low, and it grows over time as the borrower draws funds and as interest adds to it.
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Single Purpose Reverse Mortgage
When you apply for a reverse mortgage, lenders must conduct...
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