Reverse Mortgage Leads

Across the country, more and more seniors are faced with the conflict of living on a fixed income while having to pay higher energy costs and other daily needs. Therefore, reverse mortgages are gaining popularity as a way for elderly homeowners to receive cash value of their house, but unlike other loans, they are not required to repay the loan on a monthly basis - in fact, ready doesn 't have to be repaid if they live in the house. Reverse mortgage leads are an up and coming market segment, but without the saturation zone face refinancing.

The reverse mortgage market less than 1% Penetrated

According to a press release Hollister Group, LLC and NRMLA, Americans age 62 or older hold an estimated $ 4.3 trillion of home equity. Index (RMMI) which was launched last week is the first market indicator to collect critical market, housing and demographic data, and project monitoring and market reverse mortgages. According to the press release, in the first quarter of 2007, there was an increase of $ 19 billion in home equity principal. This increase has resulted in an increase of 0.4% in the RMMI to 205.6 from 204.7 the previous quarter. The index will be updated to reflect the current value of equity retirement home on a quarterly basis.

interesting observations and statistics from the inaugural launch of RMMI include:

• RMMI projects as much as $ 37000000000000 worth of the house in 2030, from which the figures are based on home equity, assuming historical appreciation and taking into account demographic changes as baby boomers start turning 62;


• The value of home equity in an average household in the senior management is estimated at approximately $ 230,000 by the Group of Hollister;


• Current growth of $ 19 billion in Q1 2007 is the smallest increase of all quarters of 2000;


• 2004 and 2005 witnessed the highest growth in home equity - 464 billion dollars and 600 billion dollars respectively.

The reverse mortgage market to $ 4.3 billion, less than 1% Penetrated

Homeowners who meet the eligibility criteria can complete a reverse mortgage application by contacting a FHA approved credit institution like a bank, mortgage company or savings and loan. If you need help finding a lender approved by the FHA, you can request a list of FHA approved lenders from the HECM counselor or use HUD's searchable directory.

Borrower Requirements:

1. Age 62 years or more
   
   
   
   • Own your property - Occupy your property as your principal residence - Attended a briefing given by a consumer approved HECM counselor
   
   
   
   


2. Mortgage Amount Based on
   
   
   
   • Age of youngest borrower - current interest rates - The lesser of the appraised value or the FHA insurance limit
   
   
   
   


3. Financial needs
   
   
   
   • Qualifications No income or credit is required of the borrower - No repayment for as long as property is the principal residence - The closing costs can be financed in the mortgage
   
   
   
   


4. Requirements
   
   
   
   • Family home or 1-4 unit belonging to a unit occupied by the borrower - HUD approved Condominiums - Manufactured homes and leased land - Meet FHA property standards and flood requirements
   
   
   
   

How the Home Equity Conversion Mortgage program works: The owners 62 and older who have paid off their mortgages or have only small mortgage balances remaining, and now live in.