As the economy continues to get worse, many seniors are struggling to make ends meet and are forced to consider whether or not they should remain in their home. According to a recent report from AARP, 89% of older Americans want to stay in their residences for as long as possible. This was the case for one of the Senior Lending Network’s customers, Reigh Collick of Baltimore, Maryland.
“Our home means so much to us and we did not want to sell it during a time when prices were so low but we felt trapped since bills were piling up,” said Ms. Collick. “When we heard about the Senior Lending Network loan program, we decided to get a reverse mortgage so we could stay in our home and have the cash we needed to live comfortably. So far it has exceeded our expectations.”
Melville, NY based Senior Lending Network estimates that approximately 30% more seniors can now qualify for or borrow more through a reverse mortgage due to a rise in HUD’s nationwide lending limit for reverse mortgages. The new loan limits which are expected to become active around November 1st, offer a safe way for seniors to access equity and stay in their homes.
“The HUD announcement is very positive for the reverse mortgage industry,” stated David Peskin, CEO of Senior Lending Network. “The new limit is welcomed in these tough times for new customers, and also permits existing reverse mortgage holders to reevaluate whether they can put their equity to even greater use. It is one way for seniors to buffer the impact of a worsening economy and declining home values.”