From the Mailbag: Reverse Mortgages

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Reverse mortgages have become increasingly popular as many seniors find themselves financially strapped because of both historically low interest rates and portfolios ravaged by the stock market during the past two years. A reverse mortgage enables older homeowners (62+) to convert part of the equity in their homes into tax-free cash without having to sell the home, give up title, or take on a new monthly mortgage payment.