Baby Boomers to help mortgage industry
By admin | May 2, 2007
While traditional home mortgages down by 25-30 percent you would be hard-pressed to find optimism in the market of mortgages. But things are looking up in the world of reverse mortgages. This industry is growing at a fast pace and the trend may be around for the long run.
There was a jump of nearly 77 percent in total numbers of reverse mortgage loans during the year of 2006. Everyone is trying to jump on board with their own version of the FHA-insured Home Equity Conversion Mortgage.
As the 78 million baby boomers head towards their retirement years, reverse mortgages are going to be right there to provide them with a much needed income. By using their equity rich house these individuals can take out a loan on their home and not worry about paying it back until they sell the home or pass away.
Be on the lookout for more reverse mortgage news as this trend seems to be sticking around.
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