Several of us in the reverse mortgage industry remember in years past that the average reverse mortgage client was about 75 years young. In the last two years the reverse mortgage has become incredibly more popular among the baby boomer generation. The average age of the reverse mortgage borrower is getting younger and younger. The minimum age for a reverse mortgage applicant is 62. Time and time again clients calling us are 61 or even younger. They call so they can get all of the info they need on reverse to plan for the future as well as understand all of the reverse mortgage eligibility requirements. With the average nest egg shrinking more and more clients are looking to the equity in their home to plan for their future.
Reverse mortgages offer several payment plans including a tenure payment. With the tenure payment the client can get a monthly check guaranteed at a certain amount for as long as they occupy the property. Many on a fixed income find that perfect for their situation. They can also put all of the funds in a home equity line of credit that has a growth rate to draw as needed. The reverse mortgage is the perfect tool for the boomer who may not have all the money they planned on in retirement or even those who just want the credit line there as a warm security blanket. 10,000 people a day turn 62 in the USA making reverse mortgages the future loan of preference for boomers everywhere.