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New changes in reverse mortgage laws are creating a boom
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Wednesday, June 10, 2009
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By Daily Crux Editor Brian Hunt:

The reverse mortgage market is booming these days. You can thank Uncle Sam for backing it.

A reverse mortgage allows a homeowner to "sell" their house and continue living in it. They get quick cash in return for giving the mortgage company their house when they move or die. As this WSJ article details, some recent changes to reverse mortgage laws are spiking reverse mortgage applications.

Detail from the article: "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."

Read full article...

More government backed programs for you:

The best, safe investment of 2009 pays 19% interest

Another big buy signal for gov't guaranteed mortgage REITs

Topics: Government_Stupidity | Boondoggle
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