My Clients – Some Reverse Mortgage Statistics

j0422176.jpgOver the last few years, I have kept some statistics about my clients. These statistics are based on nearly three years of working in the industry. Keep in mind that reverse mortgages have become much more accepted over that past year than they had prior to that time.

Average Age: 73.62
Youngest: 62
Oldest: 97

These stats are based on the age of the youngest borrower.

Primary Purpose:
Increase Income: 73.2%
Emergency Fund: 18.3%
Medical: 6%
Pending Home Project: 3%

Most of my clients had a combined purpose for taking out their reverse mortgages as many established an emergency fund with their line of credit, and either paid off their mortgage or received the tenure payment as income. In addition, many of my clients had medical bills that they needed to pay off, or they wanted an emergency fund in order to pay for some upcoming medical bills. Dental procedures and the desire to travel were additional reasons to consider a reverse mortgage. In most cases, the reason for taking out a reverse mortgage was based multiple reasons. In all actuality, though those listed above were the specific reasons, the more general and biggest result was that it created a peace-of-mind about their financial situation.

Married: 51%
Single: 49%

Referred by a friend/relative: 51%

Working in the senior industry, it is very common for people to lean on knowledge and experience from friends and family. In most cases, there is a level of trust that has already been established when a friend or family member refers someone. This has been my most enjoyable client to work with.

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