While we’ve talked about the basics of a reverse mortgage, it’s always smart to look at the facts and figures.
Reverse Mortgage Information sourced some interesting facts for us:
1) “According to National Council on Aging (NCOA) more than 13 million seniors could have extra funds if their money was not tied up in their home equity.”
Our response: A reverse mortgage allows seniors to access the equity in their home and convert it into cash. Reverse Mortgages help supplement retirement income, pay for medical bills, or more.
2) “In 2010, the Department of Housing and Urban Development enacted a new reverse mortgage information program that made millions more senior homeowners eligible for a reverse mortgage.”
Our response: This program made it possible for seniors to live a happier life after retirement. Just last year in 2014, a total of 49,194 seniors received a reverse mortgage.
Other fast facts:
In 2014, California issued the most reverse mortgages, totaling 7,912. Coming in second and third for providing the most reverse mortgages were Texas (3,733) and Florida (3,728).