Read more: US senior homeowners sitting on $9 trillion housing wealth
In addition to changing the minimum age requirement, RMF also announced plans to launch Equity Elite in more states in the coming months. The reverse mortgage product is currently available in 20 states (Arizona, California, Colorado, Connecticut, Washington, D.C., Florida, Georgia, Hawaii, Illinois, Michigan, Montana, New Jersey, New Mexico, Nevada, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina and Virginia).
“Residents in age-restricted communities now have more financial flexibility to plan their retirement, whether that’s using a reverse mortgage for a new home purchase, paying off expensive pre-existing debt or covering health care bills and additional expenses,” said RMF president David Peskin. “The nation’s largest homebuilders may now offer more financial products, like RMF’s Equity Elite, to help residents purchase their new homes – a significant achievement for the industry.”