Excerpt
The Reverse Mortgage – Five Years Later
In February 2003, we discussed a mortgage product that was gaining favor in the marketplace – the reverse mortgage. Although the product had been available since 1961, only 18,079 such loans were filed in the U.S. government’s fiscal year 2003 and, while projections for 2005 were that 70,000 such mortgages would be originated, it wasn’t until 2006 that the 70,000 mark was exceeded. Only 107,558 such mortgages were originated in 2007.
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