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Real Estate
The Real Estate Adviser |
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June 7, 2007
The Real Estate Adviser: Keeping home equity loans all in the family
By TOM KELLY
Special to the Journal
Special to the Journal
Reverse mortgages definitely are on the rise. Senior homeowners are taking equity out of their long-time residences to make ends meet during their retirement years, remodel their homes and help their children and grandchildren with the financial challenges of higher education.
In fact, the Home Equity Conversion Mortgage, insured by the federal government and the nation's most popular reverse mortgage, jumped from 43,081 closings in fiscal 2005 to 76,276 in fiscal 2006.
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Previous columns:
- The Real Estate Adviser: Reverse mortgage on your second home, 05-31-2007
- 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