A Reverse Mortgage Loan offered by Fairway Independent Mortgage Corp. provides homeowners aged 62 and older the opportunity to convert part of their home equity into cash. This financial solution can help manage retirement expenses by eliminating monthly mortgage payments, provided conditions such as living in the home as a primary residence and keeping up with property-related expenses are met. The loan is secured and insured by the FHA, ensuring that borrowers never owe more than their home's value at the time of loan maturity. Consultation with tax and financial advisors is recommended to fully understand the benefits and obligations.
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