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Reverse mortgage eligibility changing

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Reverse mortgages have become increasingly popular in recent years, as cash-strapped seniors seek ways to keep pace with rising expenses – not to mention cope with the pummeling their retirement savings took during the Great Recession.

But the Department of Housing and Urban Development (HUD) noticed that borrowers increasingly have been opting to withdraw most or all of their home equity at closing, leaving little or nothing for future needs.

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