Data Shows Baby Boomers Driving Reverse Mortgage Volumes In Recent Months

Who says Boomers aren’t interested in reverse mortgages?  The reverse mortgage industry is seeing trends that show the typical age of a reverse mortgage borrower decline more rapidly than in previous years.  Historically, the average age of reverse mortgage borrowers has trended lower over the years since the inception of the program but that trend has accelerated recently.  According to data from Reverse Mortgage Insight, there were more borrowers with the average age of 76 in 2000 and that figure has made a dramatic downward shift to 74 in 2003, 71 in 2006 and to 63 in 2009.  The overall data reinforces that Boomers are more comfortable with debt and leverage versus older generations.