Fannie Mae is on a drive to transform a fledgling product-the reverse mortgage-into an offering that senior citizens will clamor for.

The company plans to unveil a loan program today that would enable people 62 and older to buy homes without incurring a monthly mortgage payment or funding the entire purchase with cash. And Fannie-which began buying reverse mortgages last year and expects to spend $500 million on them this year-plans additional products over the next six months.

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