Things have been pretty bad in the mortgage business for the last three years. So, Phyllis Taylor found her paychecks getting slimmer.
Taylor, who works for a mortgage firm, could no longer afford her mortgage. She thought she might have to sell her house in Chesterfield and move to something cheaper.
Instead, she took out a "reverse mortgage" big enough to pay off her current home loan, along with some other debt. Her monthly payments disappeared.
"For me, it was a no brainer," said Taylor, who says she is "a little bit over 62" years old. "It eliminated a big headache."