In a recent study from Reverse Market Insight, the Hampton Roads Region was listed as a top twenty market for Reverse Mortgage growth. What factors led to this designation? Several areas were considered, but here are a few of the prime reasons:
- Home price increases – for the second year in a row, the median sale price of existing homes increased from the previous year in 2013. While it was a modest 3.5%, it shows signs of some growth.
- Numbers of eligible senior households – Hampton Roads has almost 132,000 senior households. Prior to 2013, only 6.67% of these households had obtained a reverse mortgage.
- Reverse Mortgages obtained in 2013 – In 2013, 936 reverse mortgage loans were opened in the Hampton Roads Region. Studies have shown that where more seniors have a reverse mortgage and are happy with the product, the likelihood of a neighbor pursuing a reverse is increased.
Our own informal survey at Tidewater Home Funding supports the last factor. We support numerous programs in the area where we interact with seniors. Those that already have a reverse mortgage have enthusiastically related how happy they are with the program.
If you’re interested in learning more about the reverse mortgage program for yourself, a relative, or a friend, please give Tidewater Home Funding a call. We have dedicated professionals who can guide you through the process and determine whether a reverse mortgage is the right option for you.