SEATTLE - More than 50,000 older homeowners may be eligible for a "reverse mortgage" program launched by the Federal National Mortgage Association, or Fannie Mae.
The so-called Home Keeper loan is an adjustable rate-mortgage that allows senior homeowners age 62 and older to borrow against the value of their home to help with other financial needs. Homeowners may choose the method of receiving the loan proceeds - by monthly payments, a line of credit or a combination of the two.
The Home Keeper program could benefit as many as 3 million people nationwide, and at least 51,000 senior households in Seattle, Fannie Mae officials say.
