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As the reverse mortgage rules have changed, many older Americans are unsure of what the changes actually mean. The program was initially intended to help senior homeowners keep their homes by turning their mortgages into usable money, although the strategy seemed to backfire for many who used the program improperly. The new rule changes made to the reverse mortgage program will help seniors regulate their up-front and accessible principle through the life of the mortgage. Senior homeowners can now draw more money from a reverse mortgage than available in the past, but over a lengthier amount of time. The changes may seem more complicated for many, but experts say that this change is good and will help many seniors financially over time. More here
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