What are "reverse mortgages" and how do they work?

What are “reverse mortgages” and how do they work?

Answer #1

Something along the lines of you have equity in your home. You basically borrow against the equity in lumpsome payments. I don’t trust all the stuff they tell you about “freeing” yourself financially. Basically you are putting yourself in debt what you already should have as a gain. Don’t listen to the beautiful picture they paint! I used to work in the financial world and for a large bank. It’s a way for the banks to keep making money is all!!!

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