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Reverse Mortgage Variation: Aimed at Seniors Looking to Downsize

By Lew Sichelman, Los Angeles Times
4/14/2009

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April 14, 2009 - That Ralph and Plum Smith bought a house last month in Brookings, OR, is not terribly remarkable, at least not until you learn that he's 84 and she's 77. But what is even more noteworthy is that the couple didn't pay cash for their new $240,000 home, yet they will have no mortgage payments.

The Smiths are among the first seniors in the country to close on a Home Equity Conversion Mortgage (HECM) for Purchase, a form of federally insured reverse mortgage authorized in the Housing and Economic Recovery Act of 2008. The law took effect Jan. 1, 2009.

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Click Here to read more information about reverse mortgages of all kinds from the Federal Trade Commission (FTC).

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Print Date: 2/21/2020
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