A reverse mortgage allows a person to get a financial advantage from the equity of a home. It can be very useful for the elderly and senior citizens who are looking to augment their finances to get over emergencies. In most cases, banks and other institutions who offer such mortgages require the pledging of a fully owned home, against which they will make lump sum payments or even make regular monthly payments to the owner of the home. It is a facility that is given without any necessity to arrange for any repayment, as the home itself acts as collateral that protects the lender.
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