In a recent news article called "How Your House Can Pay You Back", mortgage specialist Tammy Engel wrote a great overview of the reverse mortgage loan. In addition to providing a summary of the reverse home mortgage (and who does and doesn't benefit from it), Engel's article provides an interesting array of statistics about the reverse mortgage loan.
Some of those reverse mortgage statistics that you might not have realized include:
- The reverse mortgage home loan has been around for more than two decades. However, two thirds of reverse mortgage loans were made within the past three years.
- More than nine out of ten people who have reverse mortgage loans have reported that they are satisfied with their loans. This percentage also says that they are happy with their loans.
- Over eighty five percent of reverse mortgage loan holders believe that their quality of life has improved as a direct result of their use of the reverse mortgage loan option.
- Less than five percent of people who get a reverse mortgage loan are unhappy with their loans.
These are some interesting reverse mortgage statistics that point to a few basic things. First of all, they show that reverse mortgages have boomed in interest in the last few years. And secondly, they show that most people are pleased with the choice to use a reverse mortgage loan to supplement their retirement income.
Question of the Day: Did you think this many people were happy with their reverse mortgages?
