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Reverse Mortgages - Seniors Tap Into Home Equity

Even with recent rate cuts by the Fed, mortgage lenders are finding a tough market for home loans.

The slow down in the housing market and growing concerns about recession have left many lenders scratching their heads over where to turn for new business.

One mortgage product is gaining plenty of traction: reverse mortgages.

Reverse mortgages let homeowners age 62 and up convert discount mortgages part of their home equity into tax-free income. Payouts can come as a lump sum, a monthly cash advance, a line of credit, or a combination of all three.

According to Fannie Mae, 77 percent of people older than 65 - more than 15 million Americans - are homeowners. And those seniors have begun tapping into their home equity in record numbers.

The Federal Housing Administration insured more than 132,000 discount mortgages reverse mortgages in 2007. More than 400,000 seniors have tapped reverse mortgages nationwide, according to a report from the U.S. Department of Housing and Urban Development.

A recent AARP a survey found that 93 percent of reverse mortgage borrowers said this approach had a positive effect on their lives.

Many seniors are using reverse mortgages to discount mortgages alleviate the pressures of rising health care and energy costs. Others are using the funds to increase their independence, make home repairs, finance a vacation and extend their retirements.

An estimated 9.8 million older Americans have an impairment that makes it difficult to live at home, according to the National Council on the Aging.

The AARP reports that 85 percent of senior homeowners want to remain in their homes.

Reverse mortgages allow many to discount mortgages do just that. Mobility upgrades such as wheelchair ramps, kitchen work stations and chair lifts give seniors renewed freedom to enjoy their golden years at home. The cash infusion from a reverse mortgage makes such improvements possible for many older Americans with fixed incomes.

With the real estate market still facing an uncertain future, lenders are scrambling to shift gears in their marketing campaigns. This year's hot market: seniors.

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