Who is the average reverse mortgage borrower?
Who is the average revervse mortgage borrower? HUD compiled a study of what a typical borrower looks like. Because women tend to outlive men, this is understandable. Were you surprised?
|
Average HECM Borrower |
|
|---|---|
| Age | 75 |
| Home Value | $289,000 |
| Principal Limit | $159,000 |
| Single Female | 44% |
| Couples | 39% |
| Single Male | 17% |
| HECMs Lasting Under 7 Years |
60% |
| Source: HUD Study | |
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