According to the Bureau of the Census, senior citizens in this country have approximately $2 trillion in home equity. This book will target these consumers plus their children-the 75 million Baby Boomers-who are now asking financial and lifestyle questions on behalf of their parents and who also will consider a reverse mortgage as a viable solution in their lives. Secondarily, this book will be of use to those in the real estate, legal, health care, and financial industries who will assist these huge senior-Boomer groups-the largest, healthiest, and wealthiest segments ever encountered on the American growth landscape. Because the market is so large, professionals are looking for any information they can use in helping family, friends, and customers to age in place.

“Some people will say reverse mortgages are absolutely too expensive, while others will tell you they are the greatest deal on earth. What all the years of talking to seniors about reverse mortgages has taught me is that you can show somebody what something costs, but you cannot tell them what it’s worth to them,” said Ken Scholen, who founded the nonprofit National Center for Home Equity Conversion (NCHEC) in Madison, Wisconsin, in 1981 to better educate consumers on reverse mortgages and other alternatives. Scholen, who has never acted as a mortgage lender, still serves as NCHEC director and coordinates MRP’s reverse mortgage program and counseling service along with Bronwyn Belling, a long-time reverse mortgage specialist.

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The concept might not be for everyone, but it can be a valuable option, especially for seniors who want to stay in their homes yet have no other means of paying their monthly bills. The cost of the loan can be extremely expensive if the homeowner receives relatively small monthly payments and plans to stay in the home a short time, but for people planning to live in their homes many years, the loan can become very attractive, as we’ll explore in subsquent posts.

However, steep costs are typically weighed only by the wealthy or elders with other viable alternatives. Extremely needy, often desperate seniors digest those costs en route to the only avenue that will solve their fin an cial troubles or enable them to stay in their home.

“When people say reverse mortgages are too expensive, I bite my lip, count to 10 and ask ‘compared to what?’ ” said Jeff Taylor, Wells Fargo Home Mortgage vice president and national director of the Senior Products Group. “Is it more expensive than selling the home, paying the closing costs, the real estate commission and then moving Mom to a new neighborhood and into an expensive assisted living or nursing home she doesn’t want to be in?”

According to the U.S. Bureau of the Census and the National Center for Health Statistics, the older population-persons 65 years of age and older-numbered 35 million in 2000, and most of them would like to stay in their homes as long as possible. This age group represented 12.4 percent of the population-about one in every eight Americans. In addition, the number of Americans ages 45 to 64-who will reach 65 over the next two decades-increased 34 percent from 1990 to 2000. Every day, the 50+ population is growing by 10,000 people, and this trend is expected to continue for the next 20 years. Right now, an American turns 50 every seven seconds.

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