Secondary Reverse Mortgage Market

Who owns your reverse mortgage?

The National Reverse Mortgage Lenders Association (NRMLA) reports that there are at least 8 secondary reverse mortgage buyers.

But watch the number of mortgage buyers increase in the future. As the number of reverse mortgage grows so will the number of secondary buyers. And more competition, as usual, should translate into lower costs.

Written by charles dennis on May 4th, 2007 with no comments.
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NextSteps: Reverse mortgage one way to help retired couple

But the FHA-insured reverse mortgage, available to homeowners age 62 and over who live at home, allows seniors to transform home equity into monthly income streams and/or credit lines, depending on family needs. The mortgage is repaid when the senior no longer occupies the residence.

While tapping home equity to meet current needs and quality of life may not be the option of choice for many seniors — because that is not how they were raised — for folks like our reader’s parents, a reverse mortgage may be the best solution. Read More:

Written by charles dennis on May 4th, 2007 with no comments.
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