We knew this was coming with the current economy, reverse mortgage volume hit a record high last month, The Home Equity Conversion Mortgages (HECM), that allows homeowners aged 62 and older to pull equity out of their homes without making mortgage payments, increased in February, to a new record of 11,261 loans, thanks in large part to a number of added features that make the loans more accessible to borrowers, and also with the recent increase to $625,500 from $417,000 allowed more seniors to apply for the loan.
With more seniors watching their investments go down, the reverse mortgage has become a very important tool in many seniors’ retirement plans and the number of seniors looking to do the loan only seems to be growing. As a sign of the times many seniors are looking to reverse mortgages to avoid foreclosures so they can remain in there home, or to simply pay their bills. A reverse mortgage is a great option for seniors if used properly.
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