Reverse Mortgages

By
Real Estate Agent with the Kennedy Crew, Hot Springs 1st Choice Realty

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.

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Jeff & Paulia Kennedy and Debi Jones

Hot Springs 1st Choice Realty  -  135 Mall  -  Hot Springs, AR  71913

501.655.6247 Jeff  -  501.276.4446 Debi

www.BestofHotSprings.com

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Rainer
99,630
Kaushik Sirkar
Call Realty, Inc. - Chandler, AZ
I, as an agent, never 'recommend' to my clients what types of financing (or reverse financing) vehicles to use to meet their needs.  In general, however, I would think a reverse option wouldn't be a preferred or 1st choice if it could be avoided...
Apr 16, 2007 11:41 PM #1
Rainer
20,923
Jason Vombaur
Keller Williams - Vancouver, WA

These seem to be very helpful more many elderly people.

Apr 17, 2007 12:13 AM #2
Rainer
203,016
James Gordon
Sibcy Cline Realtors® - Cincinnati, OH
REALTOR, PBD SFR SRS
The mortgage industry seems to be in the process of aquiring all the property that people with marginal credit could buy with no equity. Now are they going after older people that have equity to aquire those homes?
Apr 17, 2007 06:26 AM #3
Anonymous
John Yedinak

James,

How is the mortgage industry aquiring all this property?  The whole idea of a reverse mortgage is to let people 62 and older draw equity out of there house.  Also, since it's FHA insured there is no way of the borrower being turned upside down when the house is  sold.  The best part of the program is that the senior doesnt need ANY income to qualify for the loan... they would for a HELOC.

I hope this sheds a little more light on the positives of a reverse mortgage.

John

Apr 22, 2007 07:43 PM #4
Anonymous
Freddie Aguilar
Greetings,

Nice Posted! Its so very informative and knowledgeable for your visitors or readers.
Thank You for sharing.. Keep up the good work..


More Power,
Freddie Aguilar
<a href="http://www.hihcorp.com/"> Real Estate Investments </a>


May 17, 2007 02:10 PM #5
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Rainmaker
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Jeff and Paulia Kennedy

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