Reverse mortgages provide income or a line of credit to homeowners who are 62 or older by allowing them to tap their home equity. The Federal Housing Administration insures 90 percent of the reverse mortgages known as Home Equity Conversion Mortgages, or HECMs. These mortgages do not require repayment until the homeowner dies, permanently moves, or fails to maintain the property or pay property tax. Remaining equity belongs to the borrower or the borrower's heirs...

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