Editor's note: Robert Bruss is temporarily away. The following column from Bruss' "Best of" collection first appeared Sunday, March 19, 2006. DEAR BOB: I would like to buy a second home in Phoenix, but all my money is tied up in retirement accounts. I am thinking a reverse mortgage will give me the money I need (about $250,000). Can I continue to live in my current residence? Are there annual fees for the reverse mortgage? --Roger D. DEAR ROGER: I presume you are 62 or older. Fannie Mae offers reverse mortgages for home purchase. However, the residence acquired must become your principal residence and you must make a substantial down payment. The big advantage, however, is no monthly payments as long as you live in the acquired home. Purchase Bob Bruss reports online. If you want to keep your current principal residence where you plan to spend most of your time, you can obtain a "lump sum" reverse mortgage. The exact amount available depends on your age (the older t...
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