If you are 62 years of age or older and have equity in your home, a reverse mortgage may turn that equity into cash. You can use the money to repay your mortgage loans, then take any remaining funds as a lump sum, a line of credit, monthly income or any combination thereof. Unlike a traditional mortgage, no repayment is required until the home is sold or the owner permanently moves out or passes away.

Best of all, the proceeds are tax-free and you retail title to your home.

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