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Reverse annuity mortgage eyed to aid elderly homeowners
A proposed federally sponsored demonstration would test 2,500 reverse mortgages by September 1991. The plan, outlined by Rep. George Wortley, would let seniors borrow against home equity and receive monthly payments while living in their homes, with repayment due after death. Critics cite uncertainties on longevity, property value declines, and lender risk.
MENTIONED IN THIS ARTICLE
Washington
Congress
Savings and Loan Association
Mortgage Bankers Association
George Wortley
Rn.y
Wortley