Reverse Mortgage Lender
The HECM program through Reverse Mortgage Lenders had insured 345,762 loans by the end of fiscal 2007, and jumped by more than 107,000 in the last year alone, according to the Department of Housing and Urban Development, with loans going increasingly to couples in their 70s with higher-priced homes. And an AARP Public Policy Institute study, released in December, found that consumer awareness of reverse mortgages has increased from 51 percent to 70 percent and that borrowers are younger-the median age declined from 76 to 73.
The market is expected to swell as the first boomers reach the age of eligibility, 62, this year. Moreover, the House of Representatives and the Senate have recently passed legislation for updating the 20-year-old HECM program, which could make reverse mortgages more accessible.
Visit a Reverse Mortgage Lender offering services in all 50 states. You can also call 1-888-973-8377.
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