During a time when financial planners have taken a renewed interest in reverse mortgages for their clients, a recent Realtor.com article suggests Realtors may also see a possible resurgence in reverse mortgage interest ahead.
“For those close to retirement, a lack of savings may mean monthly expenses go unpaid. As a result, retirees may be considering a reverse mortgage to bring in much-needed cash,” writes real estate and finance reporter Tiffani Sherman in the article “As Markets Wobble, Will We See a Wave of Reverse Mortgages?”
National Reverse Mortgage Lenders Association President Steve Irwin provided commentary for the article, noting the recent hit to retirement accounts and how home equity can help buffer the shock for some households. While the most recent Department of Housing and Urban Development data reflects a decline in loan volume during April, the article points to NRMLA data indicating counseling sessions increased during March, the timeframe when the COVID-19 pandemic prompted stay-at-home orders from governments across the nation.
The article further details reverse mortgage basics and background, but does not detail the Home Equity Conversion Mortgage for Purchase program, on which industry members have historically worked to connect with the Realtor audience.
Read the full article at Realtor.com.