What is a reverse mortgage?

 Reverse mortgages allow senior citizens to access some of the equity in their homes. A portion of the equity can be paid to the owner in either a lump sum or as a stream of payments used to supplement other income such as Social Security. No repayment is required until the borrower no longer resides in the residence. In return for the money, the senior citizen gives the lender a mortgage on the residence.

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Reverse mortgage brochure
URL: http://www.banking.state.ny.us/rml.htm
Contact: Consumer Representative
Phone: 1 800 334 3660 or Fax: 1 212 618 6570