Here’s one segment of the mortgage market that’s still hot: federally insured reverse mortgages, which enable senior citizens to take money out of their homes.
In March and April, the number of reverse mortgages backed by the government jumped nearly 20% from the same period last year. In April alone, the government insured 11,660 reverse mortgages, the highest monthly total since the government-backed program began in 1990. By contrast, the number of new home-equity loans, which similarly allow homeowners to tap the equity in their homes, fell around 70% in the first quarter from the prior-year period, according to Inside Mortgage Finance.
Call the Reverse Mortgage Safety Helpline to see about the new increased lending limit at 1-888-823-6125.
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