Many baby boomers are turning to reverse mortgages for extra income, according to recent data. Loan percentages are expected to increase over the next several years as 77 million baby boomers make their way into retirement, and new reverse mortgage rules have been put in place to preserve the safety of the borrower. The new rules have made the reverse mortgage a more attractive option. Spokeswoman for the U.S. Department of Housing and Urban Development, Melanie Roussell said, “as with any mortgage product, there is risk to financing a loan, but we have made, and continue to make, significant efforts to mitigate that risk.” More here
