More Seniors are Using Their Equity for Retirement Funds

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As more seniors are tapping into equity to fund their retirements, companies like My Reverse Mortgage Pro are seeing a bigger share of the mortgage market.

While many mortgage lenders are seeing big slumps in their lending business, reverse mortgage brokers such as My Reverse Mortgage Pro are seeing their business booming. The reverse mortgage is a lending option for seniors over the age of 62 who own their home. This type of loan uses the home as collateral, and helps provide money for retirement which can be used for any necessary costs that arise during those years.

Reverse mortgage loans are definitely on the rise. Last year, reverse mortgages rose by nearly 10 percent on a dollar basis in the second half of the year, according to the Mortgage Bankers Association. The total number of reverse mortgages rose by approximately 20 percent during the year, in fact, and these numbers are looking to repeat themselves by the end of 2007. Between 2000 and 2006 the number of reverse mortgages increased tenfold, according to the Federal Housing Administration.

My Revere Mortgage Pro is a group of lenders providing these important mortgage options, which more seniors are taking advantage of. This segment of the mortgage market is seeing tens of thousands of seniors taking out reverse mortgages each year - last year it was approximately 76,000 seniors, and lenders at My Reverse Mortgage Pro are sure that more seniors in the nation will be using their services this year.    

More brokers are specializing in these types of mortgages to gear up for the increased number of reverse mortgage customers in coming years. The cost of living continues to increase while many baby boomers reach retirement, so more people in the over-62 age bracket are using reverse mortgages to gear up for their golden years. Reverse mortgages can be used to get a lump sum of cash, or monthly stipends for various periods of time. The reverse mortgage does not need to be paid back until the end of the loan, or until the homeowners cease to live in that home.

Americans over the age of 62 hold an estimated $4.3 trillion in home equity, according to a recent report by the National Reverse Mortgage Lenders Association. With many baby boomers questioning whether they have enough money in their savings and investments to last through their retirement years, reverse mortgages should continue to grow.

For more information about reverse mortgages, visit http://www.myreversemortgagepro.com.

About My Reverse Mortgage Pro:

MyReverseMortgagePro.com is dedicated to providing reliable, complete and easy-to-use information about reverse mortgages for people over the age of 62. MyReverseMortgagePro.com also brings together the most suitable mortgage lenders with clients who are interested in revere mortgages. MyReverseMortgagePro.com provides as clear a picture as possible about the different types of reverse mortgages available. And for those who can't find the answer, they are ready to help with any information they need.

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Mike Cheslar
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