Kilb and Rebecca Norgaard

Lenders such as Bank of America have announced they will shut down their reverse mortgage operations hurting seniors. Reverse Mortgages allow seniors, those 62 years of age or older to access the equity in their home by receiving monthly payments. The maximum amount of money available is based on age, an appraisal and the current interest rate. Jumbo reverse mortgages, those from $500,000 - 2,000,000, became available in 2000 but have start to dwindle because of the credit crisis. http://www.washingtonpost.com/realestate/2011/04/06/AFlhfPRD_story.html

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