Reverse Mortgages

Some New Info

Posted on Monday, April 19, 2010

The number of new reverse mortgages is 22% less than last year. Perhaps one reason is that these loans rely on the equity a homeowner has in his home (HECM stands for Home Equity Conversion Mortgage) and we all know how much equity has disappeared. In fact HUD recently cut the amount of equity that could be leveraged by 10% in a move to avoid problems if prices and home values go down further.

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