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Senior couples looking for some extra finance can find it tough. A pension based income stream can be problematic as even if they find a lender willing to lend to them they can often find the long term result being a major loss of income. For the homeowner there is, however, another choice in the form of a North Dakota reverse mortgage.

A reverse mortgage is exactly how it sounds, the opposite of a normal mortgage. A standard mortgage aims to offer finance to those looking to buy a home. The North Dakota reverse mortgage allows a senior homeowner to borrow money using their home as collateral. The similarities are based on the lender have a considerable amount of collateral from the property that is already owned or that will be bought using the finance.

The choice to take out a reverse mortgage is eased by the knowledge that it does not mean the sale of a home but instead a potential new lease of life. The offered finance can be used for any purpose and can be taken in different instalment plans allowing a real flexibility to a senior homeowner’s cash-flow. North Dakota reverse mortgages can be the solution to the dilemma of whether to leave a loved home or to live the retirement life someone has planned for, it lets you do both.