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It is called a “reverse” mortgage because, instead of making payments to the lender, you receive money from the lender. The money you receive, and the interest charged on the loan, increase the balance of your loan each month. Over time, the loan amount grows. Since equity is the value of your home minus any loans, you have less and less equity in your home as your loan balance increases. Not everyone is eligible.
The National Council on Aging (NCOA) is committed to helping older persons maximize all resources, public and private, so that they can be as independent as possible in the residence of their choice.