Reverse mortgages growing in popularity (corrected post)



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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st.com

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.

Millions of Californians are facing medical debt or go without healthcare because of high prices. I your one of them check out this consumer website that (among other things) will show you how to negotiate your hospital bills down like the the health insurance companies do. Very Cool Site! www.hospitalbillhelp.org

The New York Times has a blog called "The New Old Age - Caring & Coping". While I am not thrilled with the name as I think it will put off more mature readers, it does have some excellent subject matter, resources and articles. I would add it to my reading list. http://ping.fm/g5eBF

Starting October 1, 2009 all condominium projects approved by FHA prior to September 2009 will have to be recertified. I can only think that any condominium homeower seeking FHA financing will experience significant delays in attaining their loan as the entire project will need to go through the process. Here is a summary of the process: http://ping.fm/7w1op

Bruce Norris is a Southern California Real Estate Investor that has an excellent reputation. He has some interesting comments on today's real esate market and how to expidite our recovery. http://ping.fm/uYaXj

New Mexico Homeowner Attains Reverse Mortgage Without "Pushy Sales Talks" http://ping.fm/lvl9O

New Mexico Homeowner Attains Reverse Mortgage Without "Pushy Sales Talks"
http://ping.fm/lvl9O

REVERSE MORTGAGE PROCEEDS MAY BE GOING DOWN - WHY REVERSE MORTGAGES ARE AN EXPENSIVE LOAN
http://ping.fm/hCYo0

CONDO OWNER’S CONTEMPLATING A REVERSE MORTGAGE MAY WANT TO ACT SOONER TO AVOID LONG DELAYS
http://ping.fm/9BXti