Popular amongst the retired crowd
By admin | June 21, 2007
An overwhelming number of seniors are taking advantage of reverse mortgages throughout the country. 300,000 seniors are taking advantage of the opportunity to make their home work for them. By taking advantage of the Home Equity Conversion Mortgage loan program these individuals have been able to secure cash for their home without even having to move.
“For some senior citizens on fixed incomes, reverse mortgages are a great way to cash in on their home equity to make needed repairs, pay unexpected medical bills or just to supplement their retirement. Seniors shouldn’t have to choose between taking out a loan to fix up their home and putting food on the table. With a reverse mortgage, this difficult decision is a thing of the past,” U.S. Housing and Urban Development Secretary Alphonso Jackson said.
Over 76,000 seniors used a reverse mortgage in 2006 which was almost 70,000 more than that issued in 2000. In 2007, the FHA has already insured 69,833 which puts them on pace to break the mark set in 2006.
As the lone high mark in the housing market, the reverse mortgage will likely become more and more of an option, as the baby boomers reach the required age of 62. With over 34 million Americans over the age of 65 and a projection of 70 million by the year 2030 the use of reverse mortgages only looks to peak each year.
“As retiring baby boomers become eligible, reverse mortgages will continue to gain in popularity. Seniors are looking for financial independence and security late in life, and reverse mortgages continue to be their best bet,” Jackson added.
Topics: Uncategorized |
