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Article: Reverse Mortgages-What are they? How do they work?
- Article from:
- Real Estate Business Journal
- Article date:
- November 14, 2009
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A survey by the Urban Institute found that 1.9 million seniors found themselves having to choose between buying food and buying medicine. The survey was conducted in 1993-a time when the economy was booming! Due to the current economic woes, it is more difficult than ever for seniors to make it on their own.
"More and more, lending institutions found retirees unable to make their mortgage payments. As medical expenses and inflation hit, selling their home seemed the only option. As a cash-flow solution and to help seniors remain in their homes, lenders created the reverse mortgage loan," explains Dave Parker, a Phoenix Loan Officer, who works primarily with ...