Real Estate

Reverse mortgages turn the mortgage proposition backwards. If you have a lot of equity in your home, the bank will pay you regular monthly payments. The catch? You don't own your home at the end of the payments.

This summer, Bill Wagar makes his second trip to France. Only this time, the World War II veteran is traveling on his own dime.

Wagar, 82, is paying for the trip with a reverse mortgage, a loan available to people age 62 and older that converts their home equity into cash. Wagar, a recent widower and General Motors Corp. retiree, said he plans on retracing the steps he took on Omaha Beach while serving in the Army.

"I've been retired for 20 years and living on a fixed income. I do all right, but I wanted to do some things I didn't have the cash to do," the Livonia man said. "I don't plan on remarrying, and I have no plans to move out. For me, this works out well."

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