Hampton Roads Right For Reverse Mortgages

Hampton Roads Right For Reverse Mortgages

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.[1]
  • 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.[2]
  • 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.[3]

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.

Senior Reverse Mortgages

- Charlene Turner, Reverse Mortgage Specialist at Tidewater Home Funding

[1] Old Dominion University CREED 2014 Hampton Roads Real Estate Market Review

[2] Study by John Lunde from Reverse Market Insight

[3] ibid