Reverse Mortgages Jump 104%

Today, I overheard a TV advert...Robert Wagner (yeah, Alexander Mundy) hawking the benefits of reverse mortages for senior citizens. A reverse mortgage can be of benefit to those on a fixed income. But, its sad that many have had to resort to reverse mortgages to make ends meet.

The most popular reverse mortgage – a special housing loan designed for senior citizens - is the Home Equity Conversion Mortgage (HECM) administered through the U.S. Department of Housing and Urban Development (HUD). Lenders originated a record 37,829 HECM loans during the most recent federal fiscal year - a 109 percent increase over the 18,079 loans closed the previous year.

Senior Journal: Reverse Mortgages Jump

Mortgage 101: What is a reverse mortgage?