Wednesday, October 25, 2006

Ginnie Mae to offer reverse mortgages

Federal housing finance agency Ginnie Mae announced it will begin securitizing reverse mortages, which allow older homeowners to convert equity in their homes to monthly streams of income or lines of credit.

Here's Ginnie's press release. This could cause a nice expansion in the number of players in this field and possibly lower consumer costs. This is a good and simple tip if you ever have an elderly client that is having financial shortages.

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