Baby Boomers Drive Reverse Mortgage Boom

4/20/2007

posted by N. Sioris

Stumble It!

With 78 million baby boomers on the verge of retiring, reverse mortgages are soaring in popularity. Life expectancy is much longer than Franklin Roosevelt ever imagined when he designed the Social Security retirement benefit program. Consequently, government entitlement programs including Social Security and Medicare are dangerously over extended. It is only going to get worse in the years ahead as the baby boomers retire and tap into these programs.

Lawmakers in Washington, DC see this disaster looming ahead, and are encouraging Americans to plan on taking more responsibility for their own financial well-being in retirement. The federal government is actually encouraging seniors to consider reverse mortgages as a way to supplement their income as well as pay for their own in home health care needs and health care costs. The HECM reverse mortgage program sponsored by FHA and HUD provide incentives for seniors that will use reverse mortgage proceeds to pay for health care needs.

If you are a senior homeowner 62 years or older you may want to see whether a reverse mortgage is right for you. There is a lot to learn before you decide. Reverse mortgages are wonderful financial planning tools for some people, but they are also complicated and should be fully understood before deciding if it's right for you or a loved one. You can request a FREE Reverse Mortgage analysis here, and find out how much money you might be able to receive from a reverse mortgage.