Q. I keep hearing about reverse mortgages. Would my condo qualify for a reverse mortgage and what are the benefits?

A. About half of American citizens retire at age 63. However, as many people move into retirement they are carrying a lot of debt. Debt may be a part of modern living, but having debt in later years can hold people back from retirement. Elderly homeowners might consider a reverse mortgage (now known as a Home Equity Conversion Mortgage or HECM) if they are in debt, because they can help with any financial burdens. These special mortgage products are designed to help homeowners over the age of 62. There are additional special requirements for condo owners to qualify for HECM's, however.

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