Chris Mayer highlights the shifting approach of the Mortgage Bankers Association (MBA) towards reverse mortgages, particularly under Bob Broeksmit's leadership. As more members recognize the potential of the senior demographic, especially since one in three homes is owned by someone over 65, the MBA sees value in aligning mortgage products with the needs of older homeowners. Mayer urges the industry to rethink its offerings, suggesting that similar unique products should be tailored to older clients as they age and face different financial challenges.
One in three homes in the United States is owned by somebody 65 and older, and every year, that percentage goes up, Mayer said.
It's logical that, if you're in the mortgage business, that you should want to serve people who own a third of the houses in the country.
The demographics are a persuasive tool to get more companies to take a look at the evolving circumstances of homeownership, he said.
Why do we think that serving first-time homebuyers and young buyers requires products that are unique... when people turn age 65?
Collection
[
|
...
]