Cash-challenged seniors who want to stay in their own homes have kept reverse mortgages high on the public radar. But, despite glowing testimonials from some customers, not everyone thinks they’re such a good idea.

Like millions of Americans, Bill and Helen Bluett’s greatest financial asset is their home, a Spanish-style dwelling just one-quarter of…

Credit boosting works like this: Folks with low FICO (credit) scores, such as a number in the low 500s, have a hard time qualifying for a mortgage with today’s guidelines. However, federal regulations allow for people with good credit to have authorized users on credit cards and other loans. The person with bad credit is instantly linked to the history of the person with good credit, although they have no access to the actual credit cards or loans. This can almost instantly inflate a credit score 200 points or more.

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Bank of America Corp. said Friday it completed its buyout of Seattle Mortgage Co.’s reverse mortgage business. Financial terms of the deal were not disclosed. Seattle Mortgage is an indirect unit of Seattle Financial Group Inc.

Bank of America today announced that it has completed its acquisition of the reverse mortgage business of Seattle Mortgage Company, an indirect subsidiary of Seattle Financial Group, Inc.

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MUMBAI (Reuters) - Rising life expectancy and a vast army of the aged without a pension scheme in a booming economy has opened a window for reverse mortgage in India.

Today, there are numerous examples of how Wall Street’s money and expertise have helped transform subprime lending into a major force in the U.S. financial markets. The mortgage lenders claim they are proud of their role in helping provide credit to consumers who might otherwise have been unable to buy a home, and proud of the controls they have brought to a sometimes-unruly business. Now, however, that business is in deep trouble, and some consumer advocates and policy makers are pointing the finger at Wall Street. Roughly 13% of subprime loans stand in or near foreclosure, bringing turmoil and sometimes eviction to tens of thousands of homeowners. Dozens of lenders have gone out of business.

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Americans age 62 or older hold an estimated $4.3 trillion of home equity according to the NRMLA/Hollister Reverse Mortgage Market Index . Although the reverse mortgage industry has seen tremendous growth in the last five years, only a little more than 300,000 reverse mortgages have been originated in its short history, representing less than 1% market penetration.