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By Bob Quick, The Santa Fe New Mexican Knight Ridder/Tribune Business News
Feb. 5--Santa Fe therapist Sabine Lucas was concerned when the economy faltered, causing her therapy practice to slow and bringing her financial difficulties.
It was then that Lucas decided to apply for a reverse mortgage on her Santa Fe home, a property in which she said she had "a lot of equity."
A reverse mortgage allows the homeowner to tap into her home's value without making any repayments during the person's life or as long as he or she occupies the house.
Lucas worked with Rich Zimmerman, who at the time was with Quest Mortgage in Santa Fe but has since joined another mortgage company.
"He was a very competent person," Lucas said. "The other good experience I had was with the American Association of Retired Persons. Their counseling was excellent."
Lucas is pleased with the reverse mortgage. "Nobody can take my house away from me, even if I exhaust the credit line," she said. The lender "can only come and collect what is owed when I sell the house. If I stay here …