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Article: REVERSE MORTGAGES CAN BENEFIT SENIORS.(Business)(Column)
- Article from:
- Seattle Post-Intelligencer
- Article date:
- January 14, 2006
CopyrightCOPYRIGHT 2006 Seattle Post-Intelligencer. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. 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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Byline: MICHELLE SINGLETARY Columnist
AS OF THE FIRST of the year, older homeowners can tap into a larger portion of the equity in their homes with a reverse mortgage because of new, higher federal loan limits, according to the National Reverse Mortgage Lenders Association.
Although growing in popularity, reverse mortgages are still an unknown financial product for a lot of elderly homeowners. But if you're 62 or older and find that you are cash poor and house rich - meaning you have a lot of equity in your home, but little or no savings - this is a product that's worth looking into. Or maybe you have some savings but don't want to touch that pot of ...