Dear ,
As a leading provider of Reverse Mortgages, we are committed to working with you to help your clients achieve the most financially-beneficial retirement possible. Through our proven low-risk strategies, we are able to provide you with all the information you need to enhance your clients' well-being while benefiting your practice as well by maintaining and increasing your wealth under management. Feel free to contact us to obtain more information about the federally-insured Reverse Mortgage or to request a quote for a specific client at (866) 897-0839 or j@hmsafe.com. |
Survey: 80% of People Wish to Stay in Their Homes Through Retirement
A recent National Reverse Mortgage Lenders Association (NRMLA) survey shows the importance Americans place on staying in their homes into old age.
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About 80% of people-including those with and without reverse mortgages-say they would like to stay in their houses, and an even greater number of adults with living parents wish for the same long-term ability to remain in their homes.
Recent data from the Society of Actuaries shows that home equity is a major source of retirement income for many. While often retirees intend to sell their homes in order to use their home equity toward retirement, reverse mortgages have become an increasingly hot topic based on the fact that a vast majority of people wish to remain in their homes.
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| Reverse Mortgage: Mainstream Product or Niche Solution?
Despite challenging economic times, a lack of retirement funding options for many baby boomers and a rapidly growing 62+ segment, the market penetration of reverse mortgages seems to have plateaued around 2%.
|  It's a harsh reality for an industry that saw volume surge from 6,640 units during fiscal year 2000 to 114,692 units in 2009.
As of December 2010, the reverse mortgage industry stands at 2.24% market penetration according to data from Reverse Market Insight. In order to break through that plateau, the industry needs to reach the other 75% of older American households in a meaningful way, says John Lunde, President of RMI.
 The environment seems to indicate that more eligible borrowers would seek reverse mortgages for the solution to the growing problem of retiring at home. But, despite 10,000 baby boomers turning 65 each day, a laundry list of challenges including increased regulation, lower home values, principal limit reductions, distrust of those in the mortgage business and others, has led to a volume drop for the first time in almost a decade during 2010.
As the industry works to fight back from a rough year, many are optimistic about the future and believe it could break the 2% penetration level plateau through several avenues: public perception, regaining lost volume and a big bet on the HECM Saver.
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| Survey of Seniors Shows Mounting Financial Concerns
|  Recently released data from GreenPath interviewing 57,000 seniors ages 55 and older, shows 38% of respondents say "reduced income" is their main source of financial hardship. Another 29% say "no financial plan" is their leading hardship, and for 12%, medical issues are their main concern.
"Reduced income is a reality for seniors in our economy," said Dorothy Barrick, GreenPath group manager and counselor. "Many people had a lot of their retirement investments wiped out during the recent economic downturn and are realizing now that their income has been greatly affected." Many seniors are having to work part time to help with day-to-day expenses as their investments begin to regain value, Barrick said. Some seniors have found they have had to spend more during the recession to support their lifestyle, sometimes leading to credit card debt and further exacerbating the financial situation.
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We look forward to continuing to provide you the very latest and most important Reverse Mortgage news & information moving forward. We will strive to remain your go-to provider of all things Reverse Mortgages. Thank you for the opportunity to help your clientele and your practice.
Sincerely,
Reverse Mortgage Specialist
HomeSafe (a Division of Crossmark Financial)
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Request a Quote | |
Do you have a client who could benefit from a Reverse Mortgage? It only takes a few minutes to find out how much they could receive. Contact us at
(866) 897-0839 or
j@hmsafe.com.
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