By Lynn Adler
The door could soon slam shut on older U.S. homeowners who want reverse mortgages unless President Bush signs a war funding bill, which happens to keep alive a government program helping cash-strapped seniors tap into their home equity.
In a reverse mortgage, homeowners aged 62 or older can get a monthly check or lump sum payment against their home’s value. This enables seniors who may be asset-rich but cash-poor to keep their homes by raising money from home equity.
A Federal Housing Administration loan program used for reverse mortgages is about a month away from closing down, nearing its cap set by Congress in 1998, industry experts say.
For this complete story, please visit Door May Soon Slam Shut on Reverse Mortgage Loans.
