GARDNER, Mass. — GFA Federal Credit Union recently announced it is offering a reverse mortgages program–yet another home loan option to serve members' financial needs.
The reverse mortgage option may prove increasingly popular as aging baby boomers look to the retirement horizon, particularly those who haven't already stripped out a lot of equity with home equity lines of credit they've yet to pay off.
Initially targeted to the parents of those boomers who wanted to remain in their own homes–particularly homes they own outright–the reverse mortgages are available to homeowners 62 or older, providing them with a means to borrow against the equity in their homes without having to make new monthly payments.
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