Reverse mortgages on rise (Moldova.org)

Story date: 2008-02-16 08:38:52
Added on: 2008-02-16 12:00:09

U.S. banking analysts say there's been a sharp rise in the number of homeowners tapping into their equity through reverse mortgages.More people are using reverse mortgages for retirement income, The Washington Times reported Saturday.The number of home-equity conversion mortgages, or HECMs, has risen 249 percent since 2005, with 107,558 of the loans taken out in 2007, said the Federal Housing ...


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