Planning for the Long Term

The following is a excerpt from a Smart Money article titled Planning for the Long Term:

Reverse mortgages. Since I wrote about them in April 2008, reverse mortgages have become better deals. With a reverse mortgage, your bank advances you part of the equity in your home, paying cash to you. This year Congress raised the limit on reverse-mortgage loans, to $625,500 through the end of 2009. It also capped origination fees, which had been a growing problem. Most important, for the first time it allowed seniors using reverse mortgages to put the money toward buying a new home.

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