Foster- One of the Growing Numbers of seniors

By Petra Amelia on October 15th, 2007

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Foster is one of a growing number of seniors who have turned to reverse mortgages, taking advantage of home values that grew dramatically in the first half of this decade. The number of these loans written nationwide has risen fast, with more than 80,000 created in the first half of this year — surpassing the total in all of 2006. That trend is expected to continue as baby boomers enter their 60s.But the loans aren’t right for everyone. The reason is they have large amount of upfront fees, they’re not a good deal for seniors who plan to move in a few years. And, though many older people want to stay in their homes, some would be safer and happier in a one-story apartment where they are not worried about home maintenance or climbing stairs.

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