Older Homeowners Turn to Equity for Retirement ☘ Hoey Team ☘ eXp Realty

Dated: June 30 2019

Views: 51

The equity of homeowners ages 62 and older has reached an all-time high, according to the latest index reading from the National Reverse Mortgage Lenders Association report. Seniors saw their housing wealth grow by 2.7% or $104 billion in the first quarter of this year, reaching a $7.14 trillion record.

The increase in elderly homeowners’ wealth was mostly attributed to an estimated 2.4%, or $110 billion, increase in senior home values.

As older owners find greater equity, they’re starting to rely on it to help fund retirement, according to NRMLA.

“Reverse mortgages have become an essential component for addressing a huge problem for many Americans—funding retirement,” says NRMLA President and CEO Peter Bell. “More than 1.12 million families have used a reverse mortgage alongside side their 401(k)s, IRAs, savings, investments, Social Security, Medicare, and Medicaid to cover life’s daily expenses, so they could live more financially secure lives. As with all major financial decisions, a reverse mortgage should be part of an overall strategic plan, with input from knowledgeable professionals, and family members who may be impacted.”

Reverse mortgages are available to homeowners ages 62 and older who have significant home equity. These mortgages allow owners to borrow against the equity in their home without having to make monthly principal or interest payments. The outstanding balance is not due until the last borrower leaves the home, sells, or passes away. However, these loans do come with risks. Homeowners are encouraged to talk to with financial planners to evaluate the risks of these loans.

Source: 
National Reverse Mortgage Lenders Association

Article from NAR REALTOR Magazine - Barry is an SRES (Seniors Real Estate Specialist)

Also; please check out the other blogs, and tabs to many other different Links, Updates & Reports that we have here on our informational website.  ☘

"We hope that you find the information useful.  If you have any questions, please do not hesitate to contact Kim or Barry with the Hoey Team, email us at Barry@SWFLLuxury.Com  or KimZuponcic@Gmail.com or Call/Text the Hoey Team at:  (239)-360-5527 

Please Share this Page with anyone who you think the info will help.  Feel free to refer any family or friends; it is the greatest compliment that you can give to us; we really appreciate referrals, and we will help in any way we can.  Most of our business is referrals by word of mouth from past Sellers and Buyers who we have helped; please ask for and check out our testimonials.  Thanks, Barry & Kim"

Blog author image

Barry & Kim, Hoey Team 🍀 239RealEstateDeals.Com LLC ☘

"Your Real Estate Concierge" If you are looking for a REALTOR® or one-stop Real Estate Team who will fully communicate; promptly, professionally, and in detail with you, to efficiently help you wit....

Latest Blog Posts

📉 Mortgage Rates Fall for Fourth Week, Hitting 2.78% 🏡 Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ Southwest Florida 🌴

With pandemic numbers rising again from some sources; it’s shaken investors and pushed 30-year mortgage rates lower again this week, though adjustable rates moved a little higher.MCLEAN, Va.

Read More

🚨 July 2021 📢 Just Released Market Report for Naples Area with information for all of Southwest Florida ☘ Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ SW FL 🌴

Hello,Barry & Kim with the Hoey Team ðŸ€ 239RealEstateDeals.Com LLC â˜˜ hope that you and yours are doing good; wherever you are located.Hot off the press please find

Read More

🏡 Yes, Florida Homeowners Are Listing Homes for Sale 🏡 Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ Southwest Florida 🌴

Florida Realtors chief economist Dr Brad O'Connor:  More homes are being listed than you think.  Despite record-low inventory levels, the reason for current buyer frustrations isn’t

Read More

💎 LUXURY MARKET REPORT 💎 North America 🏰 Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ Southwest FLA 🌴

Welcome to the Luxury Market Report for June 2021, your guide to luxury real estate market data and trends for North AmericaProduced monthly by The Institute for Luxury Home Marketing, this report

Read More