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Article: Reverse Mortgages Grow in Popularity in Peoria, Ill.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- November 25, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Anita Szoke, Journal Star, Peoria, Ill. Knight Ridder/Tribune Business News
Nov. 25--PEORIA, Ill.--Imagine having your lender give you a monthly mortgage payment instead of you forking over the check every month.
With a reverse mortgage, that's exactly what happens.
A reverse mortgage is a special type of loan that lets a homeowner 62 years of age or older convert the equity in his or her home into cash without having to sell their home, give up title, or take on a new monthly mortgage payment.
"The home is the biggest asset that most people have," said David Hill, counseling program director at the Consumer Credit Counseling ...