|
|
Article: Reverse mortgage use expanding
- Article from:
- Daily Record (Rochester, NY)
- Article date:
- January 23, 2009
- Author:
CopyrightCopyright 2009 Daily Record (Rochester, NY). Provided by ProQuest LLC. (Hide copyright information)
|
Changes to the ways reverse mortgages can be used may mean the
option becomes more popular among the ever-increasing senior
population.
Beginning next month, a reverse mortgage can be used toward the
purchase of a new home, meaning equity on a current home could be
used on a more senior-friendly one-floor home, for instance, in
addition to providing a steady stream of income in uncertain
economic times.
Reverse mortgages usually become more attractive during economic
uncertainty, according to Steve Banko, director of the Buffalo Field
Office of the U.S. Department of Housing and Urban Development.