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How Bush’s Administration has Hurt the reverse mortgage Industry 

Reverse mortgage loans are unique forms of loans that are designed to help older elderly citizens. The loans are for people who are at least 62 years of age and own their own home. Such people who are usually retired can take a reverse mortgage loan against the property and get a steady income. A reverse mortgage loan is like the opposite of a regular mortgage where each monthly payment you make increases your equity stake in the property. With a reverse mortgage, you use up the equity of your home with each monthly income you receive from the loan. A reverse mortgage loan is however an ideal way for seniors to benefit from their assets, get access to much needed fund and live a relatively more comfortable life in their old age. 

However the reverse mortgage industry has come under serious threat with the prevailing financial crises. The Bush administration has failed in its regulatory role. They have sat back and watched things gradually go from bad to worst. The president Bush administration has hurt the reverse mortgage severely. Knowing the importance of the reverse mortgage industry and the key role it plays in helping seniors he has done nothing to protect it. With the collapse of the regular mortgage industry, which among other things was caused by greedy banks and president’s Bush policy of ignoring early warnings signs and alerts from experts the banks have all lost their lending power. 

Recently a large number of mortgages have gone bad. People are losing their jobs at an alarming rate and so many can’t meet up with their monthly repayments leading to even more bad mortgages and foreclosures. A number of banks have already collapsed while many are still in the distress list. The investing public has lost their trust in the future of the economy and so every lender that still has the muscle to lend is not willing to do so. Even banks are afraid to lend to each other. President Bush failed to provide the right environment for reverse mortgage to thrive; he failed to take specific measures to protect this delicate and important industry. 

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