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MISCONCEPTIONS

IMPORTANT DOCUMENTS

SOURCE OF SAVINGS

INSURANCE

LOAN OPTIONS

CONCLUSION

LOAN OPTIONS

lady nitingHOME 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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