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Reverse Mortgages Looking More Attractive Than Ever
- September 30th, 2002
The combination of low interest rates and surging house values is expected to nearly double applications for reverse mortgage loans this year, according to a recent article in the Washington Post (Sept. 7).
A reverse mortgage is a loan that transforms the equity in a home into liquid cash that does not have to be paid back as long as the owner lives there. The loans are available only to those 62 and older.
A borrower can never owe more than a home''s value at the time the loan is repaid, which is why reverse mortgages are looking particularly attractive these days, says Peter Bell, president of the National Reverse Mortgage Lenders Association.
"The current conditions, of robust home values and low interest rates, enable borrowers to get a larger reverse mortgage than ever, which can translate into a bigger monthly check or larger line of credit," Bell told the Post. "But should conditions change for the worse, seniors who have taken out a reverse mortgage will be protected and not see any reduction in their benefits from the reverse mortgage."
The Washington Post article may be available at the following link: http://www.washingtonpost.com/ac2/wp-dyn?pagename=article&node=&contentId=A46583-2002Sep6¬Found=true
To learn more about reverse mortgages, click here.
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Needham Mitnick & Pollack, PLC
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