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Reverse mortgages draw attention as HELOC denials leave seniors underserved
Mortgage News Daily notes that about 36% of homeowners ages 75 and older are denied a HELOC, leaving demand for alternative options like second-lien reverse products.
Mortgage News Daily discussed how lenders are thinking about reverse mortgage products as a way to reengage senior borrowers with strong home equity who are living on limited or fixed income.
The outlet cited data that roughly 36.0% of homeowners aged 75 and older are denied a HELOC, describing that as a meaningful share of borrowers who might be turned away from traditional financing.
As a result, Mortgage News Daily highlighted a second-lien reverse mortgage option, HomeSafe Second, as another pathway for senior homeowners to leverage their equity when deals do not fit traditional eligibility requirements.
The update also touched on ongoing mortgage market activity, including continued acquisitions and litigation resolutions, and noted that mortgage rates are “aren’t doing much.”