Q. I'm 64. My interest-only mortgage is going up, but I can't afford it. Should I get a reverse mortgage? Or use all my savings to pay down what's owed and get a fixed-rate mortgage for the rest?
A. You may not qualify for a reverse mortgage — generally you have to own your home outright or have a lot of equity in it. Using up your savings may not be wise. A housing counseling agency may be able to help you. Check with the Department of Housing and Urban Development at 1-800-569-4287.
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