Some seniors with high-dollar homes are using reverse jumbo mortgages to raise cash without having to sell their property.

Diane Masucci, a Morristown, N.J.-based reverse-mortgage specialist, says she often sees younger senior couples using payments from reverse mortgages to cover high property taxes or make improvements that would allow them to stay in their homes. One New Jersey couple, both retired doctors in their early 80s, use their $5,000 monthly reverse-mortgage payments to cover home health-care costs, said Ms. Masucci, who works for Security One Lending.

With a reverse mortgage, homeowners are essentially borrowing against the equity of their homes. Lenders offer the choice of a lump-sum payout or regular payments, and no principal or interest is paid until the home is sold or the homeowner dies. At that point, the total amount borrowed, plus interest, is owed to the lender. READ MORE …

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The Staten Island Board of REALTORS® (SIBOR) is the largest not-for-profit trade association inStaten Island, N.Y.

SIBOR exists to enhance the ability and opportunity of its members to conduct their business successfully and ethically; and to promote the preservation of the public’s right to own, transfer and use real property.

Comprised of over 1,600 members, SIBOR serves real estate agents, brokers and affiliated professionals throughout the borough and surrounding areas.

SIBOR is the provider of the Staten Island Multiple Listing Service Inc. (SIMLS),which works as a clearinghouse through which more than 250 local real estate firms exchange information on properties they have listed for sale. Together, its members participate in over 3,000 real estate transactions every year.

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