The reverse mortgage loan demand is sky-high right now. I’m getting a lot of people looking on the internet, a lot of people calling in, and past clients looking to pull out more money, but why?
What is causing this drive in demand for a mortgage product that helps people have more money in retirement? Well, think of these two factors: 1. What happens when you’re in retirement? Your income is fixed. Maybe you have money coming in from stocks, which is not doing too well right now, but your income is fixed for the most part. 2. Inflation right now is sky high: oil, and gas prices, I mean, everything is high, and it’s not gonna stop!
With all our expenses going up, it’s certainly a good idea for someone who is in their 60s, 70s, and 80s who is on a fixed income, or maybe who is looking to retire soon to look at using their home equity as part of their retirement plan. That’s why the reverse mortgage demand is sky-high right now.
Written by Phil Stevenson, CRMP Owner & Principal MLO of PS Mortgage Lending, 1 of less than 200 Certified Reverse Mortgage Professionals (CRMP). Phil was interviewed and featured in Forbes 3 times since 2015 and has been offering reverse mortgage loans since writing one for his grandparents in 2008.
