PLANO (HousingWire) – Texas is home to the second-largest number of reverse mortgages in the country, according to the Texas Mortgage Bankers Association.
Currently, there are more than 72,000 reverse mortgages outstanding in the United States, the organization reports. Texas holds more than 6,300, an 8.2 percent market share.
With its 13 percent share, California ranks first in the number of reverse mortages. Meanwhile, Florida got bumped from second to third on the list.
Reverse mortgages offer older homeowners an alternative to selling their homes or obtaining a home equity loan for additional retirement income or needed capital.
To learn more about the pros and cons of reverse mortgages, read “Reverse Mortgages: Alternative Home Equity Funding” in the July 2010 issue of Tierra Grande magazine.