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If you are over 62 you are eligible for a reverse mortgage. You also must own your home or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan. It is also required that you also live in the home. A reverse loan is a special type of loan that lets you convert home equity into money.

            A reverse loan is unlike a home equity loan or second mortgage. There is no repayment required until you no longer use your home as your main place of residence. The home equity conversion mortgage also allows you to purchase a primary residence if you are able to use cash to pay the difference between the home equity conversion mortgage and the sales price, plus closing costs for the property you are purchasing.