A Reverse Mortgage Can Be A Lifesaver!

These numbers substantiate my theory: Reverse Mortgages are not for everyone, but for the people who need them, a Reverse Mortgage is a LIFE SAVER!

77 million Number of baby boomers entering the senior sector

50% Federal Reserve estimate of boomers with NO retirement savings

$49,800 Average savings of those who have saved (other than home equity)

80% Seniors who have substantial equity in their home

81% Seniors planning to remain in their homes for as long as possible

43% Seniors unable to afford to remain in their homes without using a Reverse Mortgage

$80,000 Average national annual cost of basic nursing home care

4x Nursing home care compared to senior who remains in their home

595,000 Current number of active HECM Reverse Mortgages

$19 billion Annual cost of nursing home care for those 43% of RM borrowers who needed a reverse mortgage to remain in their home had they not done a reverse mortgage

The moral of this story is “get your ducks in a row” while the waters are calm. Don’t wait for a problem, anticipate the problem!

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About Tom & Dee Cryer

Your Friends in the Homeownership Business!
This entry was posted in Denver, Denver Housing, Denver Real Estate, Denver Residential Real Estate and tagged , . Bookmark the permalink.

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