Every year thousands of senior homeowners are supplementing their retirement income with tax-free cash from the equity in their homes – using a reverse mortgage.
Dwindling savings and Social Security just aren't enough to cover expenses. So how, exactly, is the money being used? According to The Reverse Mortgage Times survey results from fall 2007, the top 10 reasons why senior homeowners take out a reverse mortgage include:
29% -- Pay off bills
14% -- Purchase long-term care/life insurance
14% -- Extra monthly income for everyday living expenses
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