Mehr Hausbesitzer suchen Reverse Hypotheken in früheren Jahren

Reverse mortgages have always considered last resort was - something that could transform older pensioners if she urgently needed to supplement their dwindling incomes. But during the real estate market collapse and high unemployment, a new study has found that people are using reverse mortgages to more urgent financial pressure to alleviate such as the payment of debts. And House and apartment owners for these loans apply at a much younger age than in the past.

Reverse mortgages allow people age 62 and older, tap, which, can be your greatest asset, equity in their homes without having to make payments. Instead, the bank pays the borrower, although they remain responsible for the payment of property taxes and homeowners insurance of. If borrowers to sell (or if they die) are ready, the Bank takes its share of the proceeds from the sale and borrower (or their heirs), what is left.

From the MetLife mature market Institute and the National Council on Aging, study analyzed data from reverse mortgage candidates by mandatory counseling sessions with Government-approved guides went put together. The study includes 21.240 sessions from September until November 2010.

"Attitude of consumers about reverse mortgages vary because the recession has eroded confidence in retirement security and Americans are more and more on these measures", said Sandra Timmermann, Director of the Institute of MetLife mature market. "Because reverse mortgages have no income requirements, and other forms of credit have become less accessible, these loans are more attractive."

The research, that around 21% of homeowners who went through advice 62 were found to 64 years old - although you can drag less money from the younger, you are. This is an increase from the 6 percent of the borrower of this age group 1999 applied for reverse mortgages.  These observations are consistent with a recent industry analysis, a dramatic shift toward younger borrowers in recent years found.

MetLife mature market Institute

And the average age of the borrower at the age of 73, as the chart shows above, was the average age of the homeowner, who went through the advice 71.5 years old. This is study, consistent, said, with the Housing Department results. "If we look more closely at the age distribution of the last advice customers, it seems that this broad trend at the beginning of generations can hide a major shift in the use of reverse mortgages,", said the study.

House and apartment owners that a reverse mortgage are superior to, are almost 46 percent under the age of 70, according to the study.

The vast majority of advising clients in the year 2010, or 67 percent, searched for the reverse mortgage to reduce their debt of households. Only 27 percent were taking into account, that it to improve their quality of life. The last advice clients (67 percent) said that they had a conventional mortgage, that when they decided to record the mortgage, while 27 percent identified with housing and nonhousing debt had to be paid back. Of course means with their own capital to repay the debt, that they less links they will it in the future need to access.

For almost one-third of the consulting of the clients existing mortgage may half the value of their home, and the study said. In other words, they are not enough to qualify for equity for the mortgage, or they wait several years until they for a loan, which can greatly qualify enough to satisfy their financial needs.

Most reverse mortgages arise through the Department of housing-home equity conversion mortgages program - known as HECM (pronounced: HECK-um) - the more become popular in the last 10 years. There have been many changes to the program, including a new loan option known as the "HECM saver", according to which lower fees in advance. This version was released in October 2010, so the study noted that its results may reflect the fact that more homeowners considered these loans, although it is unlikely that it had a huge impact.

The authors of the study also suggest that more homeowners expected home equity to their pension instead of it type only for emergencies to integrate. "It is likely the option reverse mortgage applies in addition to some of the more traditional methods of saving and investment", said Barbara Stucki, Vice President for the home-equity initiatives at the National Council on aging.

The study included also a consumer advice: Guide to mortgages to reverse.

At what point would you consider a reverse mortgage?

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