Sentences with phrase «older homeowners accounting»
Demographic trends should continue to buoy the market over the next decade, with the rising tide of older homeowners accounting for more than three - quarters of projected growth.
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According to recent government figures, the average mortgage payment for people older than 65 accounts for about 14 % of their annual pre-tax income.1 This figure doesn't include money spent on real estate taxes, homeowners» insurance, or ongoing home maintenance and repairs.
The FHA requires counseling sessions to inform older homeowners on their options when opening a reverse mortgage account, as well as identifying specific borrower responsibilities throughout the life of the loan.