Take a look at the chart above and you can easily see that the past seven years have been marked by significant and steady growth in the reverse mortgage loan industry. There has been over a ten-fold increase in the dollar amount of reverse mortgages funded during that stretch of time. Additionally, there has been year-upon-year growth with particularly large leaps in the past two years.
Part of that growth can be attributed to the decline in the housing economy which has caused seniors to look into keeping their homes through a reverse mortgage rather than selling them for a lower value than they'd like. Part of that growth can also be attributed to more widespread awareness of the existence of reverse mortgage loans as well as more widespread availability of lenders.
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Question of the Day: What do you think the chart above will look like in the next three years?