More Homeowners Have Reverse Mortgages, Poll Finds

by Francine Huff
August 24th, 2010

More homeowners over 62 are turning to reverse loans, according to the 2009 American Housing Survey. The number of reverse mortgages in the U.S. rose 59% to 252,000 in 2009 from 159,000 in 2007. The survey is issued every two years by the U.S. Census Bureau and Department of Housing and Urban Development.

Housing Costs Rise

The survey also found that the number of homeowners without mortgages fell 1.3% to 24.2 million in 2009 from 24.9 million in 2007. The data show that 66% of homeowners have a regular mortgage and/or home equity mortgage, and that 2% have only a line of credit.

It also found that U.S. homeowners pay a median of $1,000 for monthly housing costs. Renters pay a median of $808 for housing costs, but they are more likely to spend a larger percentage of their income on housing (31% vs. 20% for homeowners).

Majority Like Where They Live

People polled also were mostly happy with where they lived. About 70% rated their homes an 8, 9, or 10 on a scale of 1 to 10; 28% rated their homes a 10. People who lived in new construction were the most content with their housing, with 84% rating their homes an 8, 9, or 10; 45% rated their residence a 10.

The survey looks at a variety of topics related to the nation’s housing. It includes data on the features in homes, including air conditioning, types of heating, layout of homes, and availability of special living services for seniors. Not surprising, people who lived in newer homes tended to have more bedrooms and bathrooms.

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One Response to “More Homeowners Have Reverse Mortgages, Poll Finds”

  1. Pros and cons of reverse mortgage loans | Reverse Mortgage Guide Says:

    [...] mortgages have their supporters and detractors. Despite how you feel about reverse loans they’ve grown in popularity in recent years. But before you apply to borrow money this way, [...]