Refinance mortgage concepts
Lenders have either frozen or severely tightened credit, including mortgage loans. Millions of homeowners suddenly and rapidly lost equity in their properties from plunging home values. The recent economic stimulus package introduced by the Obama Administration has brought about a thaw in the credit freeze, however, encouraging lenders to begin offering mortgage loans to responsible borrowers at reasonable interest rates, with strict qualification requirements. One mortgage product that has become more popular since the introduction of the stimulus package is reverse mortgage loans. These types of mortgage loans have become more attractive to their targeted senior citizen demographic with their increase in allowable loan amounts and decrease in associated closing costs.