How a Reverse Mortgage for Purchase can help baby boomers

The National Association of Realtors (NAR) estimates that baby boomers made up roughly 39%, or 2.32 million, of those homes.

If we look at the data from the Federal Housing Administration (FHA), there were 2,063 Home Equity Conversion Mortgage (HECM) for Purchase loans endorsed in 2022 — less than 1/10th of 1% of homes sold last year.

Today’s market includes mortgage rates of above 6%, low inventory and elevated home prices, all contributing to affordability problems. Many of the baby boomers that have a mortgage on their current home likely refinanced during the pandemic to get a very low interest rate.

With all of this in mind, why would baby boomers move into a new home, where their expenses would be exponentially higher due to higher mortgage rates, increased inflation and current economic concerns? They may not, but their current home certainly isn’t manageable or conducive to their needs any longer. Let us share a solution that may solve that problem.

To find out more, meet me over at Reverse Mortgage for Purchase.