Trends in Reverse Mortgages - A New Option For Senior Homeowners
Everyone's needs are unique--but a desire to enjoy a full life is universal. Often, this means having enough money to cover bills and relieve some of the anxiety that comes from figuring out how to make retirement more comfortable.
Many retirees looking for ways to supplement fixed incomes and defray living expenses are increasingly finding the answer in their homes--it is called a reverse mortgage.
The versatility of reverse mortgages has already been demonstrated by thousands of seniors who have used this tool to help them generate the cash needed to assist with a wide variety of financial needs. These loans, designed to give senior homeowners access to the wealth in their homes, have helped seniors remain in their homes, fund home health care, pay for modifications which made their homes safer, or simply created an income stream that provided seniors with peace of mind.
While still only a narrow slice of the home loan market, the reverse mortgage as a product is gaining at just the right time demographically. Increasing numbers of seniors have significant equity in their homes, but little in the way of income with which to meet increasing expenses, particularly in the area of health care, and many seniors simply don't want to leave the home they've made for themselves. The "graying" of the baby boom generation clearly signals that the seniors of the near future will not only be more active in general, but will likely remain active for many more years than previous generations.