Beleaguered Seniors Turn To Reverse Mortgages
According to the United States Census Bureau, persons 65 years of age and older numbered 35 million in 2000. While the years since the last census have altered the numbers, it showed the over-65 group represented 12.4 percent of the population. The census data showed nearly 80 percent of the nation’s seniors own their own homes with 73 percent owning free and clear of any mortgages.
It’s the 27 percent that do not own their homes free and clear that could be at risk. Lenders are finding that some seniors have refinanced in recent years and now cannot afford the monthly payments due mostly to declining incomes in their retirement years. Many seniors are now turning to reverse mortgages that will tap the equity in their primary residence. Reserve mortgages are most often been made to homeowners age 62 or older and exclusively on a primary residence.
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