| Description: | AARP's testimony on the state of the reverse mortgage industry (December 2007). The testimony includes findings from the report on the 2006 AARP National Survey of Reverse Mortgage Shoppers,” AARP’s report provides a comprehensive look at the trends and issues shaping the reverse mortgage industry and consumer experiences with such loans. After many years of very low volume and slow growth, the number of loans insured by the HECM program has increased substantially in recent years – from under 7,000 loans in FY 2000 to over 107,000 loans in FY 2007. Nonetheless, only one percent of older households have taken out a reverse mortgage, and public attitudes reflect a lack of knowledge about and wariness toward such loans. |
