Eli5: What is a reverse mortgage?
In: 308
First off I’d like to point out a reverse mortgage is basically a scam.
The gist of it is they buy your home now, and they draw up a contract for you to live in it.
Usually the offer they make is way under market, and the contract for you to live in the house is very one sided to the point where many people are cheated out of their homes.
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