Archive for July, 2007
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New HUD Data on Reverse Mortgages
New data from the Department of Housing and Urban Development (HUD) reveals that more than 300,000 seniors have used the federally-insured Home Equity Conversion Mortgage (reverse mortgage) program to generate cash without the necessity of selling or leaving their home. More than 76,000 seniors obtained a reverse mortgage through HUD last
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Reverse Mortgage Market Currently at $4.3 Trillion
Greetings on this 4th of July. I received this great press release in my inbox and wanted to share. Enjoy the holiday! WASHINGTON, June 28 /PRNewswire/ — Americans age 62 or older hold an estimated $4.3 trillion of home equity according to the NRMLA/Hollister Reverse Mortgage Market Index (RMMI). Although the reverse mortgage industry has [...]