Real Estate

Reverse Mortgages for Seniors

Sat Feb 07, 2009 3:16 pm
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Are Reverse Mortgages for Seniors a good idea? The short answer is yes and in a very big way. The falling real estate values of many seniors homes has created a situation where seniors with no mortgage had planned to use the (once hefty) accrued equity (no longer relevant) in their current residence to fund their retirements.

Instead of putting homes on the market, seniors are electing to wait until the current glut of homes subsides. This will most probably take a period of 12-18 months. Before the real estate bust corrects itself it will be 2010.

Seniors have created the ripple affect of exacerbating the slow real estate buying market by not moving to senior and retirement communities.

Seniors looking to get information as to when they should put their homes back on the real estate market should consult with a Real Estate professional.

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