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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