Reverse Mortgage Innovation: Single Female Borrowers as A Potential Market
Reverse mortgage originators are finding innovative ways to reach out to a number of different markets. In a recent report, single female borrowers are being seen as a potential market in the reverse mortgage industry.
"Not only is the number of baby boomer marriages ending in divorce growing faster than other groups, but widows continue to outnumber widowers," according to Reverse Mortgage Daily.
"Howard Frankel, senior reverse mortgage loan officer with Resolute Bank in Naples, Fla., has definitely noticed more single women in his Home Equity Conversion Mortgage client base."
According to the report, financial planners and other advisors for potential borrowers and homeowners are beginning to increase their recommendations for a HECM. In addition to recommendations, there has also been an increase in women who are inquiring about taking out a reverse mortgage in order to afford their desired home.
There looks to be no separation between women who are good or bad with financial ways. Both sides are looking for ways to be able to afford the home they want.
To learn more about single female borrowers and how they are becoming target market for some reverse mortgage originators, click on the image above.