Reverse Mortgages are not just for the older seniors anymore. In fact, Baby Boomers in their early 60’s now make up 20% of the prospective reverse mortgage candidates! Why?
According to Sandra Timmermann, director of the MetLife Mature Market Institute, “Consumer attitudes about reverse mortgages are changing because the recession has eroded confidence about retirement security and Americans will rely more and more on these measures.
“As reverse mortgages do not have income requirements and since the other forms of credit have become less accessible, these loans will become more attractive,” she added.
There are many myths about Reverse mortgages and many people do not know that they are Government insured HUD loans.
You can use them to refinance an existing home but you can also use them to purchase your new home as long as you meet the minimum age requirement.