A surge in the 65+ population will probably prolong the market conditions we’ve seen lately – those are the people who got in first, and are probably settled enough that they won’t be moving.
But those who are relying on pensions might get a surprise, and it would take an unusual monetary need like that to cause them to sell their house – or get a reverse mortgage. An interesting note – the number of HUD reverse mortgages funded in the 2017 fiscal year was the lowest since 2005.
Read full article here – thanks JB!
Thanks to some of the best medical care in the country (all who take Medicare) and increased home values, we boomers ain’t leaving San Diego anytime soon.
I checked on a reverse mortgage but when the lenders found out my house was worth over $1M, they all laughed. Reverse mortgages have cap values.