Reverse Mortgage: Good News for Seniors

Here’s the good news. You CAN believe the hype.

The federally-insured Home Equity Conversion Mortgage (HECM) is one of the best financial products available today for people 62 and older. Reverse mortgages enable senior homeowners to convert a portion of their home equity into tax-free funds without having to sell their home, give up title, or take on a new monthly mortgage payment.

Here’s more good news:

The HECM, accounting for more than 90 percent of all the reverse mortgages in the U.S., is the most popular reverse mortgage in the country for a reason.
The borrower can never owe more to the bank than the value of the home. If the home depreciates, the insurance kicks in and covers the difference! When the house is sold, or the last remaining borrower dies or moves out of the home, the loan amount plus any accrued interest is repaid.

And here’s the best news of all:

The reverse mortgage is poised to become one of the nation’s leading financial products.

By 2030, the number of adults age 65 and older will more than double to 73 million, according to a report by the Harvard Joint Center for Housing Studies and the AARP Foundation.
Current senior equity levels indicate a 34 percent recovery since the post-Recession crisis, when senior equity levels fell to $3 trillion.

According to the National Reverse Mortgage Lenders Association, older homeowners have enjoyed a $63.5 billion increase in their home equity in the first quarter of 2015, up to an estimated value of $3.96 trillion, or just 1 percent below the peak levels of 2006. Email Jason today to learn more about your options.

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