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Tougher times to obtain a reverse mortgage

23 Jan 2009 3:38 PM

Retirees wanting to use their home as equity to fund their lifestyle could find it harder to obtain reverse mortgages .. as firms feel the pinch of the credit crunch.

Financial products research firm Canstar Cannex says eight reverse mortgage lenders have stopped offering new loans in the past six months.

A reverse mortgage is a loan against a person's home .. that's not repaid until the owner dies.