Tuesday, August 28, 2007

House-rich and cash-poor seniors? (Pioneer Press)

If you, your parents or other seniors in your life are sitting on a big load of home equity while struggling to get by each month on a fixed income, consider a Home Equity Conversion Mortgage, often referred to as a "reverse mortgage." If you own a home, are at least 62 and have enough equity in your home, you can get a reverse mortgage. There are no special income or medical requirements.

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[Source: Yahoo! News Search Results for home equity loan]

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