William_potter | Istock | Getty Images
With the stock market getting volatile but the housing market still hot, reverse mortgages have become a more attractive tool for older Americans who need cash for retirement but want to stay in their homes.
Home Equity Conversion Mortgage loan volume was up 26% in March, according to data from the U.S. Department of Housing and Urban Development reported by service provider Reverse Market Insight. It dropped 3.8% in April but remained well above 6,000 loans for the month — above the average in the last few years.
The economics of reverse mortgages are not as good as they used to be. In 2017, rule changes made by the U.S. Department of Housing and…