Reverse Mortgage Demand Way up in 2008
The WSJ recently released a story covering the increase in demand for reverse mortgages in the US. The highlight shows that year over year reverse mortgages rose nearly 7%.
“Americans have the bulk of their assets tied up in their homes, even now,” says Greg McBride, senior financial analyst at Bankrate.com. “The demand for reverse mortgages is increasing by the day.”
Consulting firm Reverse Market Insight reported that Miami is the No. 1 market for reverse mortgages, followed by Los Angeles, Tampa, Fla., Santa Ana, Calif., and Baltimore.
The Federal Housing Administration approved 115,176 loans in 2008, up 6.4% on a calendar-year basis.
Loan providers expect a jump in closings this year because a bill passed in July by Congress created a nationwide $417,000 equity limit for FHA reverse mortgages, also known as Home Equity Conversion Mortgages (HECMs).
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Related posts:
- California Reverse Mortgage Information
- FBI Reports Spike in Reverse Mortgage Fraud
- HUD finally raises HECM/Reverse Mortgage Limits to $417,000
- Reverse Mortgages Set To Grow
- National Reverse Mortgage Counselor Network
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