Sage Credit Co., a mortgage banking company based in Irvine, Calif., has announced the formation of a reverse mortgage department.Quentin Caruana, president of Sage Credit, said establishing the department "broadens our scope of services and provides many benefits for our mortgage network. Reverse mortgages are a growing segment of the market and will continue to expand to meet consumer needs." A reverse mortgage enables homeowners aged 62 years and older to convert part of the equity in their homes into tax-free income without having to sell the home, give up title, or make a monthly payment, the company explained. Sage Credit can be found on the Web at http://www.sagecreditcompany.com.

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