Reverse Market Insight beat us to the punch with this one. During the National Reverse Mortgage Lenders Association’s road show last week, John Nixon, an executive at Bank of America said 62 year olds were the most common among recent reverse mortgage borrowers and I was a bit stunned.
According to RMI, the average age for borrowers has continued to decline over the last ten years. They write:
Whereas in 2000 there were more borrowers age 76 than any other age, that figure has shifted downward much more dramatically than the average age: 74 in 2003 and 71 in 2006 to 63 in 2009.
“What that tells me is we have early adoption among seniors,” said Nixon during the general session. To see a larger version of the image click here.