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American are aging. When the boomers start dying, many of the younger generations will start inheriting houses
by 8note 5y ago
American are aging. When the boomers start dying, many of the younger generations will start inheriting houses
- hammock 5y agoNot with reverse mortgages. Many of the baby boomers I know are looking to spend as much money as they can while they’re alive.
- coward123 5y agoReverse mortgages don't prevent death. In my market, we have a lot of people of advanced age, and when they are gone entire neighborhoods will suddenly be available. From what I can tell, this is true in a surprising number of areas around the country.
- sombremesa 5y ago> Reverse mortgages don't prevent death Except in this case: https://www.chicagotribune.com/news/ct-xpm-1995-12-27-9512280029-story.html https://www.chicagotribune.com/news/ct-xpm-1995-12-27-951228...
- hammock 5y agoThey don't prevent death, they sell your house bit by bit back to the bank, until there is nothing left to inherit. And the trend these days is for financial institutions to hold housing stock as rental properties, not to put it on the market.
- nly 5y agoA reverse or lifetime mortgage means there's a reduced inheritance for the next generation. It's also a steady process meaning there's no sudden surge in supply.
- nly 5y ago"Equity release" here in the UK is how many people in my parents generation are funding their retirements.
- np- 5y agoWhile true, there are far more young people than old people dying at least in the US: https://www.census.gov/newsroom/blogs/random-samplings/2016/06/americas-age-profile-told-through-population-pyramids.html https://www.census.gov/newsroom/blogs/random-samplings/2016/...), and in general there have never before been as many humans on earth.