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Some older homeowners turning to reverse mortgages

October 16, 2008 by  

Reverse mortgages can help free up cash in retirementAn increasing number of older people are looking to reverse mortgages to boost their cash flow in retirement, according to new figures from a trade group.

The creation of these types of mortgages increased by 4.2 percent during the fiscal year, figures from the National Reverse Mortgage Lenders Association reveal.

Reverse mortgages are available to homeowners over 61 who want to convert some of the equity in their property into cash without selling, giving up the title or remortgaging. Their income from this transaction is tax-free.

The interest in reverse mortgages has been growing over the past several years, with this year’s total of 112,100 setting a new record for loan volume.

Peter Bell, president of the NRMLA, said that the group expects the number of these home loans to grow even higher in the coming years.

"Reverse mortgages are really one of the only positive stories in financial services this year, because they provide a safe, proven solution to many Americans’ retirement funding needs," he explained.

Effective from November 1st, the Department of Housing and Urban Development states that federally insured reverse mortgages have a single national loan limit of $417,000, Reuters reports.
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  • tom

    You are a Den of Vipers and Thieves, I intend to rout you out, and by the Eternal God, I will rout you out… If people only understood the rank injustice of the money and banking system, there would be a revolution by morning.”President, Andrew Jackson.
     He was talking about a central Bank system pushed by the Rothschilds even back then. Shortly thereafter they tried to kill him, then Lincoln, then Kennedy and so on down the line.  Get the Rothschilds and their central federal reserve bank parasites out of our business and all will be well. I imagine a couple 100 megaton nukes followed by 10 bunkerbusters would destroy the hornets nest and make a serious point. Why are we bombing Irag when we ought to be bombing these carnivours? They did us on the World trade cebter. When do we return the favor? When do we take control from the moneylenders. Who has the nuts to stand with the flag? Half of our government has sold out. Have you guys? 

    • N C Walker

      I have no website; But the answer is definately YES. We have mostly been lulled to sleep,we have no courageous leaders,we,like the proverbial ‘boiling frog’ are dead, or at least silent. NC

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