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Article: For older owners facing financial woes, reverse mortgage can help For older owners facing financial woes, reverse mortgage can help.(At Home)
- Article from:
- The Virginian-Pilot (Norfolk, VA)
- Article date:
- March 22, 2008
CopyrightCOPYRIGHT 2008 The Virginian Pilot-Ledger Star. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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"There were some older folks in the room, but nothing was ever offered about a reverse mortgage being a possibility," said Downey, founder of Braintree, Mass.-based Harbor Mortgage. "The numbers have to work, but if they do, it can be a godsend for them. The current mortgage is paid off, they keep the house, and they have no future payments ."
According to the U.S. Bureau of the Census and the National Center for Health Statistics, the older population - people 65 and older - numbered 35 million in 2000. While the years since the last census have altered the numbers, it showed the over-65 group represented 12.4 percent of the population - about one in every ...