#1: Older homeowners are having a hard time getting a reverse mortgage
Depending on their age, clients may find qualifying for a reverse mortgage more difficult than years before. When this happens, even if they didn’t initially plan on it, older homeowners may need to sell their home. According to the National Association of REALTORS®, 59% of the homes sold last year were from homeowners 57+ years old.
#2: Heirs of reverse mortgages need an agent’s help
There are currently over 94,000 active homes with reverse mortgages in CA. When the heirs inherit these homes, some of them will have a hard time getting control of the property. They will need a real estate agent to help them with the sale. How can you make sure to get to these clients before someone else does?
#3: Older homeowners are having a hard time qualifying to buy with a regular loan
Many older homeowners are finding their fixed income will not qualify for traditional financing. So why would they sell their current home? This is when a reverse mortgage for purchase (R4P) can help. This loan can be approved where traditional loans fail, and with R4P, your clients can increase their purchasing power AND have the option to skip monthly mortgage payments.
Learn about how the reverse mortgage works AND how it can work for YOUR business!