Reverse Mortgages Gain Popularity
May 7th, 2007The reverse mortgage industry is growing quickly - both in sheer numbers of loans being originated and in terms of the the confusing variety of new product offerings. In 2006, 85,639 FHA-insured reverse mortgages were endorsed in the U.S. - a 77% increase over 2006. The most popular type of reverse mortgage is the federally-insured HUD Home Equity Conversion Mortgage (HECM). HECM statisitcs indicate that 2007 will be another recorde year for HECMs.
Banks and other financial institutions have taken notice and regularly introduce new reverse mortgage products as well as variations on old products. While these offerings give consumers more choices than ever, they also make it very confusing for potential borrowers to know which is best for them.
If you you’re looking for help to better understand reverse mortgages and to find the best option to suit your needs, the independent reverse mortgage information avaialble at Reverse-Mortgage-Information.org is a great place to start. The site offers numerous tools including a thorough reverse mortgage self-assessment page to help potential borrowers determine if a reverse mortgage makes sense for them.
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