A solution to the inventory problem...

The lack of listings has been a problem for the Real Estate industry but a solution may be on the horizon. In Massachusetts, more than 100,000 homeowners who bought between 1970 and 1990 still own the same home. These Baby Boomers are not aware that they may be able to downsize from the home they no longer need and buy a more suitable home without having to make a mortgage payment on their new loan.

The recent appreciation should allow many of these homeowners to sell their current home and buy a new home without having the burden of a large mortgage payment. Over 20,000 of these Boomers refinanced between 2005 and 2010 and are now looking at making payments into their 70’s and 80’s. They are unaware that there is a solution out there for them! 

The solution could be a Home Equity Conversion Loan! The HECM is underutilized and a poorly understood product. Those who grasp its significance can take control of their retirement. HECM’S are a specialized product that are perfect for an older homeowner who has accrued equity, but is concerned about having enough income to live comfortably into retirement.

HECM’s will enable Baby Boomers to downsize and free up inventory for first time homebuyers and others who are eagerly awaiting new listings to hit the market!!

https://mortgageequitypartners.com/mark-mcdonough/

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