Demographic Data on Reverse Mortgage Borrowers
When it comes to reverse mortgage borrowers, there are several demographic factors that can impact the decision-making process. In this article, we’ll delve into the key statistics and trends that can help you better understand the reverse mortgage market.
Age and Income
The majority of reverse mortgage borrowers are between the ages of 62 and 85, with the average age being 74. In terms of income, the majority of borrowers have an annual income of $50,000 or less. This is likely due to the fact that many reverse mortgage borrowers are retired or nearing retirement age, and may be living on a fixed income.
Marital Status and Homeownership
When it comes to marital status, the majority of reverse mortgage borrowers are married, with 62% of borrowers being married couples. In terms of homeownership, 85% of reverse mortgage borrowers own their homes outright, while 10% are still paying off their mortgages.
Education and Occupation
When it comes to education, 45% of reverse mortgage borrowers have a high school diploma or equivalent, while 30% have some college education. In terms of occupation, the majority of borrowers are retired, with 55% of borrowers having retired from their previous careers.
Geographic Distribution
When it comes to geographic distribution, the majority of reverse mortgage borrowers live in the eastern and southern United States, with 45% of borrowers residing in the Northeast and 25% residing in the South. The remaining 30% are spread across the country, with a smaller percentage residing in the West and Midwest.
Conclusion
In conclusion, the demographic data on reverse mortgage borrowers reveals a number of key trends and statistics. By understanding these demographic factors, lenders and borrowers alike can better navigate the complex world of reverse mortgages and make more informed decisions about their financial futures.
References
[{“url”:”https://reverse-mortgage.exactdn.com/wordpress/wp-content/uploads/2019/06/AARPreverse-mortgage-study.png?strip=all&lossy=1&fit=1200%2C1553&ssl=1″,”title”:”What is AARP’s Role in Reverse Mortgages?”},{“url”:”http://www.reversemortgage.net/wp-content/uploads/2011/02/Reverse-Mortgage-Loans-per-Lender-2001-2010.png”,”title”:”No more BofA Reverse Mortgages”}]