More Seniors Use Reverse Mortgages to Raise Cash

Finding themselves financially strapped, more seniors at an earlier age are trying to get reverse mortgages on their homes in order to survive, according to a new report.

The study says the percentage of people aged 62 to 64 applying for reverse mortgages has increased 15 percent since 1999.

The reason for the dramatic upswing among “younger” seniors is simple, the report concludes: They need the money.

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More Seniors Use Reverse Mortgages to Raise Cash