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A Home Equity Conversion Mortgage, also called a reverse mortgage, allows seniors to borrow from the equity in their homes without payments. There are two different types of reverse mortgages, private or FHA/HUD. Rates and terms may vary for private loans, FHA/HUD loans are federally insured and have set costs.
Source:
Omni Reverse Mortgage: Are All Reverse Mortgages the Same?
US Department of Housing and Urban Development: FHA Reverse Mortgages (HECMs) for Consumers
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