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LOAN
OPTIONS HOME
EQUITY CONVERSION The Home Equity Conversion is a type of
loan similar to a second mortgage on the property. It provides you with a fixed
amount of money repayable over a length of time. Interest and point as well as
other finance charges will be applied. REVERSE EQUITY MORTGAGE
Reverse Equity Mortgages are different than other types of home loans.
The borrower must be at least 62 years of age for most reverse mortgages. They
must reside in the home as a primary residence. No mortgage
payments are made as long as the borrower lives in the home. Payments must be
made in full including all interest and any other charges when the borrower dies.
For further information contact: The American Association of
Retired Persons (AARP). The web address is: http://www.aarp.org/heck/basicfct.html
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