Reverse Mortgages from Frost Mortgage

More and more senior men are taking steps to insure their wife’s ongoing economic well being by acquiring an FHA insured Reverse mortgage.  They do the math and see how much better their wife will be able to carry on without the burden of a mortgage payment.

The combination of life insurance, retirement funds, and social security benefits, without a mortgage payment to pay, can be enough insure a stable, comfortable life for those left behind.   

If you’re 62 and have owned your home since 2001, you will probably qualify to look out for your spouse by taking advantage of this thoughtful forward planning tool.

FHA Reverse Purchase Loan

• Age = 62+
• 50% Down Payment
• No FICO Minimum
• No Monthly Payment
• FHA Insured

Thinking about downsizing? Use the sales proceeds of your current home as down payment on a newer, smaller, more manageable home. All you will pay, going forward, is your annual property taxes, homeowners insurance and maintenance.
Never pay another mortgage payment!

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.

Why So Many Reverse Mortgage Ads

My buddy Mark Fogarty noted, in his recent column in the National Mortgage News, that the U.S. Census Bureau’s American Housing Survey states that there are:

• 76 million owner occupied homes in the U.S.
• 49 million have a mortgage
• 27 million homes are free and clear
• Seniors own 14 million free and clear homes
• Only 421,000 seniors have a reverse mortgage

Now I know why we are seeing so many reverse mortgage ads on television.  They are the sweetest of the mortgage opportunity sweet spots.