USC report states: “Most older Americans own their home — 74 percent of those ages 60-69 and 87 percent of those 70 and older… fewer than 1 percent of Americans age 62 and older had taken out a reverse mortgage”
That is a tremendous amount of untapped equity that is locked in our homes. Unlocking home equity has been my concern for clients over the past 20 years. It is sometimes useless to have this if you can’t get access to it. Reverse mortgages allows borrowers to set up the vehicle allowing them to gain access to their money when they need it most.