In its latest reverse mortgage coverage, the Huffington Post draws from a 55+ blogger who zooms in on the market in Florida, the Sunshine State.
In an interview with loan originator Donna Linton, the article details the turnaround the market is experiencing there.
“It’s picking up, definitely getting better,” Linton tells the author. “When home appraisals were down, it was difficult. People interested in getting reverse mortgages don’t want to hear that their homes aren’t worth what they think they are. Now, that is turning around, and the appraisals are even higher than the estimates I am putting down.”
Also lending credibility to reverse mortgages are recent changes including new non-borrowing spouse rules, as well as a change to help prevent foreclosures. The article does not detail the recent financial assessment changes, but notes they have helped reduce skepticism around reverse mortgage products.
In Florida, Linton has seen the market improve for reverse mortgage for purchase loans, she says, based on the fact that Florida remains a desirable state where many retirees choose to relocate.
Written by Elizabeth Ecker