Perhaps there is light at the end of the tunnel
Just one short month ago the American economy appeared to be firing on all cylinders. Today economies across the globe have come to a grinding halt as billions shelter in place and businesses close in the effort to stem the tide of the coronavirus pandemic. So is there a silver lining?
The Econotimes sees one in their recent post. While traditional mortgage lenders and banks tighten their lending standards in light of economic uncertainty, there is an upside for reverse mortgage lenders. “Many analysts believe the reverse mortgage sector of the loan market might be poised for growth. Part of the reason for this is that older Americans are seeking to protect their assets to stay ahead of a massive economic downturn. Just like traditional reverse mortgages, the owners of high-end homes see these instruments to protect their cash in uncertain times, and these funds can then be used to offset unexpected costs tied to the country being shut down.”