Equity On Tap ; Reverse Mortgages Rising in Popularity

Summary

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When Koula Chumley and her husband paid $25,000 for a four- bedroom split-level 35 years ago, it was an investment in family. But Chumley's children have families of their own now, she's widowed, and is counting on that same house - worth much more - to ease life in retirement.

Chumley, however, is not selling. She's one of a small but growing number of older homeowners opting for a reverse mortgage, an arrangement that allows seniors to borrow against the equity in their homes. It gives seniors ready access to money without having to make monthly payments, and the loan doesn't have to be repaid as long as they continue to live in the house.

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Extract

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Equity On Tap ; Reverse Mortgages Rising in Popularity

"I thought now is the time," said Chumley, who is 78, and is using the arrangement to pay off the remainder of the old mortgage on her Odenton, Md., home, help with monthly bills, update a bathroom, and make plans for travel to Europe. "So far, so good. Life is good, and I hope to stay healthy to enjoy ...

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