Lansing State Journal (MI) (09/29/08); Anderson, J. Craig
Lenders offering reverse mortgages are aggressively touting the loans to retired homeowners as a means of weathering the economic crisis, and the products have received a boost by federal housing legislation passed over the summer. Rob Jones of Mesa, Ariz.-based Sun American Mortgage notes that borrowers are not taxed on the money they extract, and they do not have a repayment deadline and are not in danger of losing their homes. Golden Gateway Financial CEO Eric Bachman notes that lenders still offer reverse mortgages despite tougher lending conditions because creditworthiness is not an issue, as reverse loans are secured with home equity and insured in most cases by the FHA.
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