Reverse mortgage borrowers are increasingly getting younger according to a recent report by the MetLife Mature Market Institute and the National Council on Aging. Additionally, borrowers are using reverse mortgages for different purposes today versus several years ago.
Younger borrowers are using the loans to pay off debt more than in the recent past, the study shows, with the breakdown as follows.
“Among those who received HUD-approved counseling for reverse mortgages in 2010, 67% indicated they wanted to lower household debt, while only 27% were doing so to enhance their lifestyles,” the report states. “About two-thirds of those receiving reverse mortgage counseling have a conventional mortgage that will need to be repaid if they decide to take a reverse mortgage.”
View the full report.
Written by Elizabeth Ecker
