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The State of Reverse Mortgages: Stay Informed with the Statistics [INFOGRAPHIC]

Posted by The Aramco Group on Fri, Oct 13, 2017 @ 09:10 AM

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

1,030,632

The total number of federally insured Home Equity Conversion Mortgages (HECMs) issued since the program’s inception in 1990

62%

The percentage of seniors reporting their assets as a major source of income

38%

The percentage of baby boomers feeling on track to reaching their retirement goals

33%

The percentage of senior households with no money left over each month after covering essential expenses

67%

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.

Topics: Reverse Mortgage, Reverse Mortgage Statistics