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May 26, 2020

Should seniors consider a reverse mortgage now?

By LIZ WESTON
NerdWallet

Reverse mortgages allow older homeowners to turn part of their home equity into tax-free cash, using a loan that doesn't have to be paid back until they die, sell or move out.

That sounds good to a lot of seniors navigating financial fallout during the coronavirus pandemic. Stay-at-home orders may have taken away jobs needed to make ends meet, while low interest rates and a volatile stock market have endangered income from retirement savings.


 
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