Reverse mortgage market slows
The latest figures from DataMonitor show that growth in the reverse mortgage market has started to slow with an expected increase of 5.8 per cent over the year. Total reverse mortgage advances are anticipated to hit $660 million for 2007, a small increase compared with the jump from $239 million in 2004 to $624 million in 2006. The reverse mortgage market is now serviced by 26 lenders, up from 6 in 2004. Market analysts DataMonitor say that they expect reverse mortgage advances to reach $1.2 billion in 2011 as more people retire with a greater proportion of their wealth tied up in equity.