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November 01, 2005

Reverse mortgage gains rapidly

Reverse mortgage origination has more than doubled from just a year ago. That is federally (FHA) insured reverse mortgage called Home Equity Conversion Mortgages.
The main reason is the growing awareness about this mortgage product due to aggressive marketing, still low interest rates and high cost of gas and health care that pushes many retires to dig into equity of their homes.

The by far top market for these federally insured reverse mortgage product is California, with New York being a distant second.

Reverse mortgage lets homeowners who are 62 or older to borrow against the equity in their home. They don't have to sell their home, give up title, or take on a new monthly mortgage payment. Before mortgaging your home using reverse mortgage, understand how it works. Here are two sites on reverse mortgage that can help you make an informed decision:
National Reverse Mortgage Lenders Assocation and Consumer Information On Reverse Mortgages. Both claim to be nonprofit, independent, etc.

Posted in Mortgages at November 1, 2005 04:33 PM

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