23/04/2008 18:08:00 Business Wire Sage Credit Company (www.sagecreditcompany.com) sees tremendous opportunity in the reverse mortgage sector in the coming years.
Currently there are over 80 million Baby Boomers entering their retirement years.
Many of them are house rich but cash poor and the equity in their homes can provide them with a steady source of income without them having to give up their home, or sell it to finance their retirement years.
Reverse mortgages can provide funds for living expenses, remodeling, travel, medical bills and other needs.
That is why reverse mortgages have grown rapidly recently.
Of the 345,762 reverse loans issued by the FHA, nearly one-third were made in 2007 and 27% of those were in California, according to the AARP Public Policy Institute and HUD.
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