Reverse Mortgages Spike 20% In 2013 As Baby Boomers Scramble For Cash

http://www.zerohedge.com/news/2014-04-02/reverse-mortgages-spike-20-2013-baby-boomers-scramble-cash

While we have covered the various ways in which Americans are scraping by in the current feudal economy, from food stamps anddisability fraud, to student loans and living in mom and pop’s basement, this reverse mortgage thing is a piece of the puzzle we have been missing. These mortgages are not insignificant either. According to Inside Mortgage Finance, originations were up 20% in 2013, hitting $15.3 billion. So when you see that older guy working the cashier at Wal-Mart and wonder to yourself how he is surviving, the answer may increasingly be a reverse mortgage. Oh, and since the FHA is originating many of these loans, you thetaxpayer will be on the hook!