I spend a large part of my day analyzing my business and the Las Vegas Real Estate and Mortgage Industry in general. I keep my eye on trends and attempt to figure out why the trends are happening. One trends that has particular intrigued me is Reverse Mortgages.
Today, Reverse mortgages are likely the only segment of the mortgage industry trending upward. This upward trend doesn't show any signs of slowing anytime soon as:
- 15 million senior households meeting eligibility requirements
- More than 50% of senior's net worth is in home, an illiquid asset
- There is $4.3 trillion of senior home equity in the nation today
- Estimated 78 Million babyboomers begin turning 62 this year and will continue for next 17 years
Based on these figures, this will soon become a large market for Mortgage Originators especially in Las Vegas. As always, when there is a new trend you can rest assured that there will be unscrupulous originators trying to exploit the trend and make a quick buck.
In my previous post, Reverse Mortgages in Las Vegas, a Great Option for Some, I outline some of the features of Reverse Mortgages and how they pertain to the Las Vegas market.
I can not stress enough that if you or some one you know are in the market for a Reverse Mortgage, seek out an expert in the field with a reputable company. If you are unsure where to find one, feel free to contact me directly and I can assist you.
Your Mortgage Partner for Life,
Rey Gallegos
Home Loan Consultant
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