"With the growing number of retirees in the coming years, reverse mortgages have been gaining ground in home markets. Reverse mortgage is a type of home equity loan that is sold to homeowners 62 years or older, allowing homeowners to access the home equity as cash. However, reports say that the Federal Housing Administration is in the process of regulating such loans. A reverse mortgage is a unique mortgage plan that works for retirees because their source of income is tied to the value of their homes. As long as they live in their homes, they don't have to pay the mortgage; rather, it's the lenders who will do the paying. In Tennessee alone, 13.4 percent of the population is aged 65 years or older. And with the expected rise of retirees as well as the upcoming limit to be imposed, retirees should consult with reputable Memphis mortgage agencies like Churchill Mortgage, to help them plan ahead and keep the benefits from their reverse mortgages."
http://memphis.churchillmortgage.com/blog/2013/08/24/what-impending-changes-on-reverse-mortgages-mean-for-memphis-mortgage/
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