Reverse mortgages growing in popularity
By Lisa Chamoff
Staff Writer
Updated: 08/08/2009 11:23:26 PM EDT
More than a year ago, Dee Lewis was struggling to afford her escalating
property taxes, plus pay the mortgage on the small Glenville farmhouse where
she's lived since 1982.
Lewis, now 64, had been considering a reverse mortgage, which allows senior
citizens to tap into the equity of their homes, providing them access to
money without the burden of monthly payments. The loan is repaid when the
borrower sells the house or dies.
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