MIT study reveals more detail about potential HECM market
We’ve heard for years that the Home Equity Conversion Mortgage has only been utilized by 2% of retired homeowners. We also know that reverse mortgage volume has fallen dramatically from its historic high endorsement volume of 114,000 units in 2009 to 48,900 units for the fiscal year 2016. What is our true market potential of not only age eligible homeowners but those who could potentially qualify.A recent study released by M.I.T. this summer provides a clearer picture of our missing market potential.
This summer, MIT released a 92-page study to estimate the percentage of retired households with sufficient home equity that could best use a reverse mortgage. The study analyzed 3,730 retired households with…
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