Tuesday, July 26, 2005

Reverse Mortgages

Many homeowners find themselves with a home that has hundreds of thousands of dollars in equity but no way to tap the money short of selling. A reverse mortgage may be one answer. If you have lots of equity but need more cash this may be a good resource. If you are 62 or older, own your home or have a parent or relative who may need cash check out "Reverse Mortgages for Dummies" by Sarah Glendon Lyons and John E. Lucas. I ran across this book in a column by Bob Bruss. He highly recommends the book as a good source to answer many questions you may have about reverse mortgages. A reverse mortgage is not the answer for everyone so it may be a good idea to run it by an attorney or CPA to see if this may work for you. For more information go to Fannie Mae Web Site On left side go to Homeowner/Buyer section and click on Mortgages. Then click on Senior Reverse Mortgages. This should answer many questions including how to find a Reverse Mortgage Counselor in your area.

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