I recently read an article talking about the number of seniors who have heard of a reverse mortgage and I was pleasantly surprised to hear the number was 78%. I thought it would me lower than that, but I guess I shouldn't be all that surprised with all the TV commercials with high profile celebrities pitching this program. What I found interesting though was that out of the 78% who had heard of the reverse mortgage, only half of them understood what the program what about, or just 39%. My guess that most of the 39% either have a reverse or have looked into it before.
These numbers are based on a national survey, but if they hold true for Utah, then 61% of those eligible for this program either do not know what it is or have been misinformed. If you are reading this and know someone who could benefit by having a reverse mortgage, please spread the word!
To qualify for the reverse mortgage in Utah and the country you must:
- Be 62 years old or older
- have around 50% or more equity in your home
- have a home or home owners association that is FHA approved.
You can share this post with your friends on most social networks with the links below and to the side. You can email a link to this blog www.reverseutahblog.com or to our main website at www.reverseutah.com, or better yet, just call me toll free at 1-800-431-9250 and I will be happy to explain the program to you. There is no pressure. This is simply to get educated on the different options out there to help supplement your retirement.