Reverse Mortgages are definately on fire down here in Florida. I learned about them about 5 years ago from a friend of mine. At that time he was one of the very few that handled them and let me tell you, that was almost 75% of his business! I don't think he's too happy now that everyone knows about them and is offering them. LOL.

Conrad,  They are starting to get hold with gusto here.  Until recently, they have been kind of a backwater, but now things seem to be moving pretty rapidly.  We just had a class on them for our agents, and everyone was really amazed at how versatile these can be made to meet owner specific needs.   Jerry

I've just started getting into them for my clients. They are a much more flexible than years ago. mike

Mike, I was just speaking with the Mortgage officer who works with our office.   She expressed unusual optimism about reverse mortgages.   We all have to pay close attention.   Jerry

I have not seen much of them in my business.  I am expecting to see more of them as they become more common place here.

Randy,  I suspect you will be seeing more of them in the very near future.   They provide a great opportunity for the older folks (like me) in Hawaii to enjoy their golden years with a few bucks in their pockets.   Actually, you and I don't get too involved in them , but we need to know about them so we can provide the link for our clients with appropriate lenders.   Jerry

One item that I read the other day about reverse mortgages is that just like any mortgage when the borrower, likely your parent, dies, you probably will sell the home to pay the balance due that they took out during the course of the mortgage. Besides the relatively high cost of obtaining most reverses, the children may well be looking at a depressed market to repay the reverse. Thus they get hit with a double whammy of paying all the upfront costs for a relatively short mortgage ( as oppossed to spreading that cost out for 30 years)and getting what might be a very bad price for the home at the end of the loan. That is about the worst scenario I have found with these as I am just entering the Reverse Mortgage market myself.

Robert, This is a concern, but the whole purpose of the Reverse Mortgage is to provide those who need income and who have equity in their homes an opportunity they might not otherwise have.  And, there is no free lunch.   The children may indeed receive less of an estate than they might otherwise receive.  No one should enter into this arrangement without doing their homework, and it sounds as though you are getting the information you need.   Jerry

The Robert Conrad commercials are encouraging seniors to check into this idea.  It is an excellent tool to have in my arsenal.  And, Florida is FULL of seniors.

We have a companion mortgage broker in our office and the reverse mortgage business is clicking.   I think the world is increasingly filled with seniors and everyone else.  While we are all living longer, the population is exploding.  Interesting Times!  Kai