A number of factors, including an aging population and recovering economy, are signaling a strong comeback for reverse mortgages and the mainstream media continues to take notice, according to a recent article from the Associated Press published by ABC News.
The potential for reverse mortgage growth is largely tied to improvements in housing markets nationwide, especially in areas hardest hit during the downturn, which have gradually been returning value to many aging Americans who want to grow old in their own homes, the article suggests.
But while the road for reverse mortgages may not have always been paved smoothly—especially when considering the number of borrowers who landed in default under previous lending rules and losses to the Federal Housing Administration’s Mutual Mortgage Insurance Fund—now that the economy has begun to bounce back, it’s also inviting greater opportunity for increased reverse mortgage usage among older adults.
“Reverse mortgages will be a lifeline for millions of Americans in retirement in the years to come,” said Greg McBride, chief financial analyst for Bankrate, in the article.
Read more at ABC News.
Written by Jason Oliva
