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by CareyBot

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 yo...