America’s senior population is in the midst of unprecedented growth. There are now 10,000 baby boomers turning 65 everyday and this will continue for the next 18 years. With that being said access to affordable, comfortable and properly located housing can be the linchpin to happiness and well being in the senior years.
The problem that we have developing is that high housing costs can cause seniors to sacrifice spending for other important areas. Some of these areas include food, medicine, recreation and healthcare which effects their health and well being.
Where does a Real Estate Agent play in a role in helping our aging population offset this problem?
Real Estate agents can help our aging population by lowering their monthly housing expenses and thereby allow them to afford the items that will improve their health and happiness. A real estate agent has an important job coming for the next 18 years. As seniors find the need to lower their housing expenses their real estate agent can be the first helping hand in downsizing them to a more affordable housing situation.
While our seniors hold the largest amount of equity in the US, over 2 trillion by some estimates, what they are lacking is income in later years. Our U.S. population hits the peak of our earning potential in our late 40’s and declines from there. In retirement seniors usually have 80% of their bills and only 57% of their income. This puts real estate agents in a bit of a pickle. They need to help a senior downsize to a smaller home but the senior might not qualify for a loan to purchase it.
Real Estate agents now have a tool to help our senior population buy a home that can improve their health and happiness. This is a tool that congress approved in 2009 called The Reverse For Purchase. The reverse for purchase will allow a senior to buy a home with no fico score requirements, limited income documentation, bad credit and even a recent bankruptcy.
In essence a Real Estate agent is going to be in the best position to help our aging population enjoy a worry free retirement. They can show a senior how to free up money and start enjoying their lives instead of worrying about how to pay the monthly mortgage. Now that an real estate agent can use a safe FHA insured reverse for purchase loan it will make their jobs even easier. Their client can buy a property with only 48% to 25% down and never have a monthly mortgage payment again.Why Real Estate Agents Need Reverse Mortgages