Did you know...
· 7,918 people in the US turn 60 years old every day, 330 per hour, 24/7.
· 5,574 people in the US turn 65 years old every day, 232 per hour, 24/7.
· Over 23 million seniors are homeowners.
· 85% of senior homeowners want to remain in their home for the rest of their lives.
· 63% of homeowners from 65 to 74 years old have no mortgage at all.
· $3 trillion in estimated equity in homes owned by seniors.
· 13.2 million households are candidates for a Reverse Mortgage.
Qualified Seniors 62+ Who Need Cash
Across the country, more and more senior citizens are facing the conflict of living on a fixed income while having to pay rising costs for energy and other daily needs. Consequently, reverse mortgages are gaining in popularity as a way for senior homeowners to receive cash against the value of their home, but unlike other loans, they are not required to pay the loan back on a monthly basis - in fact, the loan doesn't have to be paid back as long as they live in the home. Reverse mortgage leads are an up and coming segment of the market, but without the saturation facing the refinance area.
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Start Speaking To Qualified & Motivated Borrowers Today!
Many senior citizens are faced with bleak futures and dire financial situations. Oftentimes, health care costs have eaten up all of their savings and they're left with little more than a pitiful government handout. That's where you come in. Why not unlock the equity in the borrowers home and provide them with a reliable, steady cashflow that they can life from? Not only will they thank you, but you'll feel good that you've helped someone and be rewarded in more ways than one!
Reverse Mortgage Market Less than 1% Penetrated
According to a press release from Hollister Group, LLC & NRMLA, Americans age 62 or older hold an estimated $4.3 trillion of home equity. The index(RMMI) which was launched last week is the first market indicator to collect critical market, housing and demographic data, as well as track and project the market for reverse mortgages. According to the press release, in the first quarter of 2007, there was a $19 billion increase in senior home equity. This increase was reflected in a 0.4% increase in the RMMI to 205.6 from 204.7 in the prior quarter. The index will be updated to reflect the current value of senior home equity on a quarterly basis.
Interesting observations and statistics from the inaugural launch of the RMMI, include:
· RMMI projects as much as $37 trillion in home value by 2030, from which home equity figures are derived, assuming historical appreciation and taking into account the demographic shift as boomers begin to turn 62;
· The average home equity in a senior-owned household is estimated to be about $230,000 according to the Hollister Group;
· Current $19B growth in Q1 2007 is the lowest increase of all quarters from 2000;
· 2006 and 2007 experienced the strongest growth in home equity - $464 billion and $600 billion respectively.
Reverse Mortgage Market Currently at $4.3 Trillion, Less than 1% Penetrated
