Reverse Mortgage Applicants Getting Younger

Younger senior citizens, strapped for cash, are applying for reverse mortgages.

The average age for someone applying for the specialty mortgage had been around 71, but the number of applicants age 62 to 64 is on the rise. The rate is up by 15 % since 1999, according to the MetLife Market Institute, which conducted a survey with the National Council on Aging.

More and more people in their sixties are facing job loss, higher cost of living and debt, and are using reverse mortgages to get by.

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  • by Pete Location: Grifton on Mar 19, 2012 at 02:30 PM
    Must be some desperate people to fall for this scam which be outlawed.
  • by Disgruntled(ex)worker on Mar 19, 2012 at 06:38 AM
    I am so glad I took all but $5K out of my savings and paid my home and car off Feb.of 09(now broke).If anybody could not see what obama was all about during his campaign in 08 you are all fools and should never be allowed to vote ever again.
    • reply
      by Too bad!! on Mar 19, 2012 at 03:10 PM in reply to Disgruntled(ex)worker
      Too bad you can't see what BOTH partys have done to us. BOTH partys are bought and paid for by the special interests. If you can't see it, I pity you. BOTH partys do the bidding of lobbyists and then blame the other party for our problems. You need to ask these questions... why would ANYBODY spend millions of dollars to get a job that pays $ 174, 000.00 a year? How is it that 2/3 of congress has a net worth of a million or more? Why is it that close to 90% of congress are lawyers? Open your eyes sheep!!!! We are governed by a hybrid monarchy plain and simple. Folks like you would've been considered loyalists by our founding fathers!!! Tory lover!!!!
    • reply
      by Anon on Mar 19, 2012 at 03:44 PM in reply to Disgruntled(ex)worker
      your's is one of the more intelligent posts seen here.
  • by benitahaight Location: US on Mar 19, 2012 at 04:17 AM
    123 Refinance recommends that since there's a higher volume of refinance applicants now, it's best to be prepared and gather all the financial docs you need before you seek a quote so you can get your application processed before lenders raise rates.

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