The reverse mortgage market will see significant growth as seniors are forced to look for cash flow alternatives as the recent declines in the stock market have devastated retirement savings, and lower interest rates have the negative impact of reducing interest income for seniors.
The reduction in costs and the increased loan limits for a reverse [...]

Department of Housing and Urban Development shows that on a calendar year basis, the number of federally insured Home Equity Conversion Mortgages (HECMs) closed in 2008 grew 6.4% to 115,176 loans.
“As more seniors try to figure out how to cope with today’s economic conditions, the HECM program takes on increased significance,” said Peter Bell, President [...]

Effective January 1st 2009, FHA Reverse Mortgage Lenders are now able to finance the purchase of a senior’s new home with a HUD insured Reverse Mortgage. This program could be thought of as the “prudent down-no payment plan” for seniors age 62 or older wishing to purchase a retirement home. The home can be a [...]