I’ll take a stab in the dark at this and say that we boomers are being targeted.
I have little proof but, what do know is that when I have cable news channels on (something not unusual for boomers) there are a lot of commercials on TV for reverse mortgages.
Now I know why.
It’s because researches say that boomer/senior home equity reaches highest level in eight years.
We are paying off our homes and staying in them rather than doing what our parents did, moving to warmer climates.
Optimistic, I know, for the mortgage people at MPA saying this.
They also say that we will account for nearly one in every four dollars spent on housing in the next five years.
MPA has the research that says few Baby Boomers have intentions of downsizing or moving to warmer climates far from their families.
It makes sense from the mortgage people’s point of view to push the ‘reverse mortgage’ on us.
After-all, we have made every effort to pay off our mortgage before retirement and our homes most likely have equity built up in them. The result is money that we can borrow from them. Paying off these loans is another story when you are retired.