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Reverse-mortgage choices abound for seniors

New book explains advantages

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If you, a parent, relative or friend is a senior-citizen homeowner who needs or wants cash to enjoy retirement, the new book "The Reverse Mortgage Advantage" by financial columnist Warren Boroson provides an excellent overview of the choices available. Written in an easy-to-understand style, with lots of important facts and real-life examples, this guidebook explains virtually all the key reverse-mortgage considerations for senior homeowners and their heirs. Just in case you are not familiar with a reverse mortgage, it is available to senior-citizen homeowners who are at least age 62. It is the opposite of a regular, or "forward," mortgage. The reverse-mortgage lender pays money to the borrower, and no repayment is required until (a) the home is sold, (b) the borrower doesn't occupy the residence at least six months a year, or (c) dies. Purchase Bob Bruss reports online. Then the total payments made to the homeowner, plus accrued interest, must be repaid, usually from the sale of the p...