Reverse Mortgages are not just for the older seniors anymore. In fact, Baby Boomers in their early 60’s now make up 20% of the prospective reverse mortgage candidates! Why?
According to Sandra Timmermann, director of the MetLife Mature Market Institute, “Consumer attitudes about reverse mortgages are changing because the recession has eroded confidence about retirement security and Americans will rely more and more on these measures.
“As reverse mortgages do not have income requirements and since the other forms of credit have become less accessible, these loans will become more attractive,” she added.
There are many myths about Reverse mortgages and many people do not know that they are Government insured HUD loans.
You can use them to refinance an existing home but you can also use them to purchase your new home as long as you meet the minimum age requirement. If you are looking for a way to convert equity to cash, improve your cash flow or purchase a home using a large down payment without any mortgage payment to contend with a Reverse mortgage may be an option for you.
Reverse mortgages once attracted a much older age group but the percentage of prospective borrowers in the 62 – to – 64 year-old age range increased over 15- percentage points in recent years.
If you are interested in finding out more about Reverse Mortgages contact Gail at firstname.lastname@example.org and she will be happy to send you a brochure or answer any questions you may have.
This information has been provided by Gail Alm at Fairway Independent Mortgage. Gail Alm is a Certified Mortgage Planning Specialist who provides a comprehensive mortgage plan with an array of options that will allow you to determine the strategy that best helps you accomplish your goals.