Reverse Mortgages for the Rich
by Peter G. Miller
October 16th, 2007
October 16th, 2007
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Do rich people need reverse mortgages? Maybe “need” is not quite the right word but you get the idea.
The Pittsburgh Post-Gazette has a great story that starts off with someone getting a reverse mortgage for a $21 million home, or as the article calls it, a mansion. It also mentions a lender who two provided reverse mortgages to the upper crust — each worth $10 million.
“Once considered the option of last resort for poor retirees struggling to keep up with the cost of living,” says the paper, “reverse mortgages are now growing in popularity with more affluent senior citizens.”
Affluent senior citizens tapping reverse mortgages for extra cash is a great story, press here to read the entire article.
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