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September 18, 2014

Reverse mortgages making a rebound

  • But the FHA is writing new rules aimed at reducing the current default rate of 10 percent, roughly double the level of regular mortgages.
    • By HOPE YEN
    Associated Press

    WASHINGTON — Advertised as a path to an affordable retirement, federally insured reverse mortgages are showing signs of a rebound, drawing the scrutiny of regulators seeking to reduce historically high default rates that have cost the government billions.

    Industry analysts expect strong growth as the housing market improves, particularly in once hard-hit Sun Belt areas including Phoenix, Miami and San Diego, California, and aging Americans find value in growing old in their homes.


     
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