Emerging Opportunity for Senior Housing Market and Reverse Mortgage Purchase Program

Builder confidence in the 55+ housing market has never been greater than what was reported in the third quarter for 2014, according to data from the National Association of Home Builders (NAHB).  This has been largely attributed to the rise in home equity which is providing consumers with the option of now selling their homes to relocate to more desirable areas.  In addition, many are also motivated to downsize their homes and simplify their living in low maintenance communities.  "Demand for 55+ housing has never been higher, and this quarter's index clearly demonstrates that," said Steve Bomberger, chariman of NAHB's 55+ Housing Council.  "Consumers in this market are looking for a home that caters toward their specific needs, and 55+ builders and developers are able to create homes and communities that address these needs."  With this increase demand, the Reverse Mortgage Purchase program (aka HECM for Purchase) should help fuel the success of this market.  The HECM for Purchase can not only help a consumer qualify to buy a home, but also help them retain more of their assets for retirement.  Instead of paying cash and tying up assets in the home, this program will finance approximately over half of the sales price without requiring any mortgage payment.  The result is to create more consumer liquidity to help finance retirement and increase savings.

For more information on reverse mortgages and other related topics contact:

Rick R. Rodriguez
Certified Reverse Mortgage Professional, CRMP
NMLS# 473353
Toll Free (877) 500-0454
Local (702) 460-6222