Mortgage application activity rebounded sharply last week as falling interest rates reignited refinance demand and kept homebuyers active, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 9,

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Typically, the debt must be paid back upon a borrower’s death or the sale of the home. Reverse mortgages can be risky, because they may limit your ability to downsize your home or move to a care facility. And there may be no equity left if you intend to leave your home to any heirs.

Discover how banks set loan interest rates, from Federal Reserve policies to market trends and borrower creditworthiness, for better financial decisions.

Mortgage rates dropped markedly at the end of last week, causing a huge jump in demand to refinance and a smaller surge in demand from home buyers.