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Reverse Mortgage Borrowers Getting Younger
The effect of TV ads and celebrity Endorsements on Reverse Mortgage Prospects
AARP’s latest article shows their concern for more younger borrowers getting reverse mortgages and ‘cash burn’ increasing the risk of future foreclosures.
3 Comments
Kind of funny that AARP is telling it’s members that the Reverse Mortgage is the last resort, when they are going to hook up with New York Life Insurance Bank and do Reverse Mortgages. The Consultant needs to make sure all the facts about the Reverse Mortgage are in the hands of the consumer to prevent a a “Cash and Burn” from happening.
Has the powers that be taken a look at the minimum age. Given the fact that folks are living longer and working past 65 generally, why not raise the minimum to at least 65. This would generate far fewer “negative issues” with our product. Another thing to look at is the source of where the business comes from. I dare say that those loans that come from referral from financial institutions or financial planners are less likely to have issues.
Unfortunately the AARP has never quite had a consistent stand on reverse mortgages. They kind of bend with whomever they are connected with, in this case now it will be New York Life.