The Average Age Of Reverse Mortgage Borrowers is Decreasing.

The average age of reverse mortgage borrowers is dropping, according to a recent report issued by MetLife. As many are aware, reverse mortgages come with risks, and likely more so for younger borrowers. Reverse mortgages allow homeowners who are at least 62 years of age to obtain a line of credit linked to their primary residence. The homeowner receives the ability to draw on this line of credit for the balance of their ownership of the residence, based largely on the value of the house, age of the borrower, and current interest rates. The borrow does not have to take…

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