Carlsbad, CA (PRWEB) March 2, 2008
The numbers of reverse mortgages have been calculated for 2007, and many lending professionals are shocked to learn that 107,000 of these home equity loans for seniors were taken out in 2007. This is a stark contrast to the 7,000 Federal Housing Authority reverse mortgages taken out in 2000. The team at Go Reverse and Save, a leading source of information about reverse mortgages, is not so surprised to hear this news.
Go Reverse and Save has been seeing a steady increase of visitors to their site since day one, so they are not so shocked to see an increase in the number of these loans being taken out. The reverse mortgage is a valuable tool for people who need more income during their retirement years, but do not want to sell and leave their home to do so.
Reverse mortgages are a type of home equity loan that allows homeowners over the age of 62 to convert a portion of the equity in their homes into cash, while retaining ownership. The non-taxable reverse mortgage funds plus accrued interest are due when the borrower dies, sells the home, or no longer uses it as a primary residence.
Approximately 90 percent of the reverse mortgages taken out today are backed by the government, but there are also a number of lenders from the private market that are underwriting reverse mortgage loans. Go Reverse and Save brings people together with these lenders, and provides helpful information.
For more information, go to http://www.goreverseandsave.com
About Go Reverse and Save:
GoReverseandSave.com is a leading source of online reverse mortgage information, dedicated to matching homeowners with the right loan at the right price. When shopping for a fixed term loan or an adjustable rate reverse mortgage, GoReverseandSave.com makes applying for a reverse mortgage easy.
In addition to a variety of first reverse mortgage loans, GoReverseandSave.com also offers home equity loans, refinancing and debt consolidation. For homeowners who would like to lower their monthly payments, lock in a better interest rate or change the terms of a reverse mortgage, refinancing can make it all possible. Homeowners may also be able to take cash out if there is enough equity.
The team at Go Reverse and Save also knows that paying off debt gets harder the more you have to pay. That's why they make debt consolidation practical and easy. Homeowners will save money every month by paying off high interest credit cards and consumer loans. Whatever the financial needs, GoReverseandSave.com is here to help.
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