Predicting a “massive boom coming” for the reverse mortgage business, Vishaal Bhuyana, founder, V.B. Bhuyan & Co., says it will be none too soon for seniors who will need the increased home equity “to pay off debts incurred during the current economic crisis.”
And, such financial obligations may extend out for quite some time, according to Edwin Pittock, president, Society of Certified Senior Advisors, who figures that “in the next 11 years, the over-50 segment of the U.S. population will increase by 74 percent.
The longevity picture is especially bright for men, according to Peter Klein, director of life settlements, Capitas Financial, Littleton, who says “male life expectancy is increasing dramatically as a result of statin drugs and defibrillator devices.”
But, Richard Green of Senior Security warns that revived property equity could entice “many insurance agents and marketing directors to regard the equity of senior’s homes as new money for the sales force. I hope we can keep predatory insurance agents and mortgage loan officers at bay,” says Green. “I really believe senior citizens deserve an objective, accurate and fair shot at securing a safe and high quality of life in the community for as long as is practical. I believe [reverse mortgages] are unique and the only option for some people.”
Neil J. Morse has been a communications professional working in the mortgage finance industry for more than a decade, currently specializing in the reverse mortgage sector. He can be reached at [email protected]