Currently, there are 34 million Americans 65 or older. By 2030, this number should more than double to over 70 million, more than 20% of the U.S. populaton.
There are presently more than Twelve million people 65 or older who own their homes outright (no current mortgage.) This represents over $4 Trillion in untapped Home Equity.
Is there any doubt, in today's difficult economic times that the growth of Reverse Mortgages will continue?
I just had someone ask me about the "new" reverse mortgages yesterda so I am researching this. Any resources you can guide me to would be apprciated.
Janice,
If they are referring to Reverse Mortgages for purchasing a home, I have some pretty good posts on it here:
http://activerain.com/blogsview/1133334/reverse-mortgages-for-purchase-are-starting-to-take-off
http://activerain.com/blogsview/1136376/reverse-mortgages-for-purchase-the-particulars
and here is a good post from someone in CA:
http://activerain.com/blogsview/781688/Reverse-Mortgage-for-purchase-a-new-tool-for-retirement
Let me know if you need any more information.
Michael Pinter
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