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Real Estate
The Real Estate Adviser |
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May 31, 2007
The Real Estate Adviser: Reverse mortgage on your second home
By TOM KELLY
Special to the Journal
Special to the Journal
The reverse mortgage industry has left its infancy stage and is racing towards adolescence, but its next growth step apparently will be coming sooner than expected.
While reverse mortgages for second homes have been available through a handful of small regional banks, they will soon be offered by at least two national lenders. Bank of America, which recently announced an agreement to acquire the reverse mortgage business of Seattle Mortgage Co., is expected to roll out the second home wrinkle as soon as the purchase is completed next month. BNY Mortgage, which last week introduced the industry's first jumbo fixed-rate product, also will allow reverse mortgages on second homes under certain guidelines.
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Previous columns:
- The Real Estate Adviser: Factory-built homes have come a long way, 05-24-2007
- The Real Estate Adivser: Mortgage forgiveness can bring a tax penalty, 05-17-2007
- The Real Estate Adviser: Foreclosure rescue scams on the rise, 05-03-2007
- The Real Estate Adviser: Be clear on rules for selling second home, 04-26-2007
- The Real Estate Adviser: Long-term investors should look at homes, 04-19-2007
- The Real Estate Adviser: These days, it's sellers who hire an inspector, 04-12-2007
- The Real Estate Adviser: Let's not hammer all the subprime lenders, 04-05-2007
- Real Estate Advisor: Can't sell? Then try divine intervention, 03-29-2007