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The Reverse Mortgage increased 240% in last two years
The wave of baby-boomers entering their retirement years, and those working on behalf of their elderly parents who face escalating living and healthcare costs, has caused the popularity of the federally regulated reverse mortgage industry to rise.
Nationwide, 75% of all reverse mortgage are closed by 5% of lenders, an elite group specializing in this unique reverse mortgage program. In the last two years, the reverse mortgage have jumped 240%.
“While there are many good lenders in the country who offer reverse mortgages, there are only a handful that truly specialize in the reverse mortgage market. This is a critical distinction. A Reverse Mortgage is so unique from other types of mortgages, even skilled loan officers find they must relearn the Reverse Mortgage each time they attempt to fulfill.
The Reverse Mortgage have been around for years, but it wasn't until the early '90s after the Federal Housing Administration started regulating and insuring the Reverse Mortgage program, such began earning respectability.
The purpose of the Reverse Mortgage is to turn what was once inaccessible --- the value of one’s home --- into a liquid asset for use by retiree at a time when they need it most.
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