Reverse Mortgage Facts

The reverse Mortgage program has been around for about 20 years. However, about 65% of the total loans that have been originated have occurred within the last several years. According to an October 2008, U.S. News article there were approximately 6,600 reverse Mortgages originated in the year 2000, but in the year 2007, there were over 107,000 reverse Mortgage originated. This is a huge increase and there are a couple of underlying reasons behind the huge increase.

According to a recent survey conducted by AARP in 2007 they found that:

•  93% of the reverse Mortgage holders are happy with the product

•  The average age of a Reverse Mortgage client is 73  

•  37% are couples  

•  45% are single women  

•  18% are single men  

•  76% are in good or very good health  

•  In 2007 107,367 seniors took out a reverse Mortgage  

•  40% want to eliminate their Mortgage payment  

•  26% needed extra money for health care expenses  

•  46% needed home repairs or improvements

•  79% wanted to improve the quality of their life

We also took part in the great rise of reverse mortgage and provide consulting and reverse mortgage services in Maryland, District of Columbia, Delaware, Virginia and Pennsylvania. Please contact us to get your queries answered by our reverse mortgage specialist.