As homeowners get older and need new ways to generate income, the reverse mortgage market can play a vital financial role. Reverse mortgages allow homeowners to use the equity in their homes to increase their financial stability and improve their quality of life. Statistics show that reverse mortgages can be a valuable option for qualifying adults. Could they be the right option for you?
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Am I Eligible?:
- Are you over 62 years of age?
- Do you own your home outright?
- Do you use your home as your principal residence?
- Do you hold the majority of equity in your home?
2015 Popularity of Reverse Mortgages by State and City
#1 California (8.3%)
#2 Texas (7.4%)
#3 New York (5.9%)
Denver, Seattle, Portland
Number of Reverse Mortgages by Year
Reverse Mortgages by Numbers
The total number of federally insured Home Equity Conversion Mortgages (HECMs) issued since the program’s inception in 1990
The percentage of seniors reporting their assets as a major source of income
The percentage of baby boomers feeling on track to reaching their retirement goals
The percentage of senior households with no money left over each month after covering essential expenses
The percentage of HECM borrowers using reverse mortgages to pay off debt
With increasing lifespans and rising healthcare costs, reverse mortgages can help keep older Americans financially secure throughout their retirement. From paying off debt to enhancing quality of life, this accessible option can help eligible seniors get the most out of their golden years.