Cash-strapped American seniors are turning to reverse mortgages, a controversial type of loan that soared during the financial crisis, as a tightening economy drives ageing homeowners to find ways to make ends meet.
The number of federally insured reverse mortgages rose more than 6 per cent in the 12 months ending September, according to government data compiled by the National Reverse Mortgage Lenders Association.
Several US lenders told the Financial Times that sales of reverse mortgages have jumped this year as looming cuts to government benefits and persistent inflation have weighed heavily on older people.
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