Reverse Mortgage volume hit a new record high last month, according to the Department of Housing and Urban Development (HUD).

Home Equity Conversion Mortgages (HECM), allow homeowners aged 62 and older to pull equity out of their homes without making mortgage payments, increased 24% from February, setting a new record of 11,261 endorsements.

Recently, the maximum loan amount for reverse mortgages was increased to $625,500 from $417,000, and the loans can now be used to PURCHASE a new primary residence.

New legislation capped reverse mortgage fees and counseling fees can no longer be paid for by lenders or brokers in an effort to promote more unbiased information to consumers.

Reverse mortgages have become a valuable retirement planning tool for many older Americans," said Eric Bachman, founder and CEO of Golden Gateway Financial.

Reverse mortgages are a powerful way for those facing foreclosure or in financial jeopardy to generate additional cash regardless of a credit score or income requirements.

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