online-business-group.org

As the world awaits January 2008, when the first round of baby boomers turn 62 years old, investors from Washington to Wall Street are scurrying to add new, innovative products to the fast growing REVERSE MORTGAGE MARKET!!

In days gone bay, consumers only had three reverse mortgage offers to choose from: 1. the FANNIE MAE HOME KEEPER, 2. the FHA HECM, and 3. JUMBO CASH ACCOUNT. Now that there is a booming market, seven new lenders that are now making available competing programs. And there are even more investors entering into this market.

In addition to these private sector programs, new multiple-margin HECM products have been introduced, as well as an FHA/HECM FIXED rate option. Many consumers have long awaited the option of having a fixed rate, and at last it is here.

From January through June of 2007, there was an amazing growth in the reverse mortgage industry unlike anything it has seen since it’s inception 17 years ago. Now, the reverse industry is catching up with the tradition “forward” mortgage in the sense that there are no more lenders. this kind of competition creates more products and offerings so that the needs of the senior customers can be satisfied.

A new product that has create a lot of buzz in the reverse mortgage industry is called a “Purchase Reverse Loan”. This type of loan allows seniors who would like to buy a new home, downsize from their current home or move closer to family members a way to do this without having to take on a mortgage. For seniors in this situation, this type of loan is extremely attractive.

Purchasing a second home is another exciting use for a reverse mortgage. With this option, seniors can finally have that dream home they have always wanted. This second home can now be acquired with no monthly payments by using a reverse mortgage. It is even possible to have 2 reverse mortgage loans at the same time. You can have one on your existing home and one on your second home both with no payments!

If you are looking for a reverse mortgage, just make sure that you understand the programs that are available, as well as, the terminology so that you have confidence in the reverse mortgage process. This is especially important because not all lenders offer the same types of products and many of them have limited choices of investors to choose from.

Please make sure you look for a lender who is part of the National Association of Reverse Mortgage Lenders (NRMLA). This association is presently the only overseer of the ethical conduct of reverse mortgage lenders.