Seniors Growing As Share Of Home Purchasers Due To Reverse Mortgage

Older Americans are a significant mainstay of home ownership in the US.  Home ownership among those 65 or older is stable at 80%.

In 1982, the home ownership rate was less than it is today in every age demographic other than seniors.  The hardest hit group are those under 35, where home ownership has dropped 12%.

And seniors are not just sitting on the sidelines clipping their coupons.  The biggest growth demographic, last year, for home purchasers was the 65-74 crowd jumping from 10% of total home sales to 13%.

Many seniors are opting for FHA Reverse Mortgages to either downsize or to borrow funds for renovating their existing homes to suit their current needs.  The Reverse mortgage brings an added benefit as it eliminates their monthly mortgage payment.