The lending industry is changing so rapidly in one of the fastest growing sectors of lending-reverse mortgages-that it might be well worth your while to catch your breath and let the dust settle. Things are only going to get better with more programs and better deals.

It is no wonder. As the population continues to age, reverse mortgages are now and wil continue to be one of the fastest growing markets in the country. Here's the good news- most of their potential customers are not even eligible yet- BABY BOOMERS all 78 million of them will be eligible at age 62 in the next decade.

WHAT ARE REVERSE MORTGAGES? A reverse mortgage is a home equity loan or line of credit that is secured by the equity in your home. You do not repay as long as you live in the home. The reason it is called a reverse mortgage is because it is the opposite of a regular home equity loan where you reduce debt and build up equity. In a reverse mortgage you reduce equity and build up debt. That is where the money comes from.

WHO CAN USE REVERSE MORTGAGES? Basically anyone who is over age 62, owns and lives in their own home and has paid off at least 60% of the loan can apply for a reverse mortgage. There is no proof of income requirement.

Five years ago no one even heard of a reverse mortgages. Two years ago folks greeted them with much skepticism. Last year they grew at a stunning 77% for the fiscal year ending 30 September, 2k6.

As our market economy is designed, when the need/demand for products grows so does the variety of offerings for that product. And the competition will make the pricing more competitive. Reverse mortgages are no different.

Several new products are slated to come out soon. More competition means lower rates and fees. So if you are in the market for a reverse mortgage HOLD ON THERE BUNKY! Things are heating up in the reverse mortgage market and you, the consumer, are going to be the beneficiary. And with literally millions of Americans fast approaching the magic age of 62 the marketplace will continue to respond favorably.