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Reverse Mortgages Allow Seniors to Have Luxuries |
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The Mortgage-Pro
Site Admin
Joined: 19 Jan 2005
Posts: 2248
|  Posted: Thu Apr 28, 2005 1:13 am Post subject: Reverse Mortgages Allow Seniors to Have Luxuries |  |
| By KELLY GREENE
Staff Reporter of The Wall Street Journal
The tool involved is one of the fastest-growing products in the mortgage industry. Called a reverse mortgage, it allows homeowners 62 or older to essentially sell their house back to the bank in exchange for monthly payments, a lump sum or a line of credit.
Though still a tiny fraction of the overall mortgage market, reverse mortgages are seeing incredible growth.
Homeowners are using reverse mortgages to do everything from buying airplanes or recreational vehicles to renting apartments a few months a year in Paris.
Full article is here.http://www.realestatejournal.com/buysell/mortgages/20050428-greene.html |
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