With the huge surge in baby boomers nearing or in retirement, the U.S. banking industry is gearing up new vehicles to tap more revenue out of what has been called ‘the richest generation in history’.

Reverse mortgages, a means of tapping the asset resource in primary residences is now being expanded into the vacation home market.

Rapidly appreciating and long-held second homes have become surprisingly valuable, providing another possibility for older homeowners to draw funds to supplement their income for monthly expenses, health care, family reunions and investments. There are no restrictions on how reverse mortgage funds are used.

Via HeraldNet.