Several big banks have abandoned reverse mortgages this year, some watchdog groups have maligned them and consumers have shied away from them. Nevertheless, now may be a good time to recommend them to clients.
Reverse mortgages let those who are older than 62 tap into the value of their homes, often their most valuable asset. And although home equity has been falling since its 2007 peak, the National Reverse Mortgage Lenders Association and RiskSpan, a consulting firm, estimate that, in the first quarter of this year, those older than 62 still had $3.2 trillion in equity.
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