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Reverse mortgage solves homeowner’s income problem

Senior citizen qualifies for tax-free line of credit

DEAR BOB: I am a 66-year-old divorced woman. I own my condo, purchased 15 years ago for $232,500. My mortgage balance is about $115,000. Condos like mine in my building have been selling for $500,000 and up. My problem is I have a lot of equity, but I can't tap into it for cash. I am on Social Security and have a part-time job. I have pristine credit. However, I've been turned down for a home equity line of credit because my income does not qualify. When I tried to refinance my mortgage, I was told I could only do so without income verification. But I find it difficult to understand how I can pay $771 per month on my current mortgage but I can't qualify to pay $100 per month less on a refinanced mortgage. Any suggestions? – Stephanie H. DEAR STEPHANIE: I am shocked the banker or mortgage lender you consulted didn't suggest a senior citizen reverse mortgage. Since you are over 62, you qualify. No repayment is required as long as you live in your condo. Instead of making $771 month...

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