Younger buyers for reverse mortgages

Share this article:
The average age of homeowners now considering reverse mortgages has plunged in recent years with the collapse of the housing market, according to a new report. One in five prospective borrowers of home equity conversion mortgages are between the ages of 62 and 64, according to a report released by MetLife and the National Council on Aging. The average age of consumers who have been through the required reverse mortgage counseling has dropped to 71.5 years old. Reverse mortgages — which allow consumers to draw on home equity without monthly mortgage payments and don't have income requirements — are touted by long-term care advocates as a private-pay means of paying for long-term care.


Share this article:
close

Next Article in Products

More in Products

ACO white paper geared toward post-acute providers

A new white paper focuses on what kinds of services accountable care organizations should provide in the post-acute spectrum.

Accutech Security releases wander management system

Accutech Security releases wander management system

Accutech Security has released its new ResidentGuard LS 2400 wander management system, which can be used in senior living settings.

Sharps Compliance Corp. and MedReturn, LLC launch MedSafe

Sharps Compliance Corp. and MedReturn, LLC launch MedSafe

The Sharps Compliance Corp. and MedReturn LLC have created MedSafe, a system set up to dispose of unwanted and expired medications, including controlled substances.