| January 13, 2016

Good News for Seniors

Those who own their homes racked up equity in 2015

At the end of 2015, there was a lot of good news for senior homeowners – and only some very minor bad news.

 

As we head into 2016, seniors have a hefty amount of equity in their homes. Added up nationwide, it tops $5.76 trillion. That’s a $147 billion increase from the middle of last year.

The only dark spot in those bright numbers: “Mortgage debt held by seniors increased slightly from $1.45 trillion to $1.46 trillion last quarter,” reports the National Reverse Mortgage Lenders Association, or NRMLA.

“But the uptick was barely a dent in home equity levels, which have climbed steadily for 18 consecutive quarter,” the NRMLA says.

Overall, this benefits seniors exploring reverse mortgages. Certainly, the NRMLA is pleased, since it represents the industry.

Reverse mortgages allow homeowners 62 years old and older to borrow against their equity without making monthly payments. “To date, more than 930,000 senior households have utilized an FHA-insured reverse mortgage,” the NRMLA says.

Of course, like any major financial decision, securing a reverse mortgage is something to pursue carefully.

“They’re not right for everyone,” says Consolidated Credit president Gary Herman. “Reverse mortgages are a financial tool, and just like the tools in your toolbox at home, sometimes you need drill – and other times you need a hammer. It’s best to consult an expert familiar with all the tools at your disposal.”

Consolidated Credit offers a self-help microsite called Reverse Mortgage Counseling, complete with an infographic, self-help booklet, and step-by-step walkthrough of the entire process. You can also speak to a HUD-approved reverse mortgage counselor by calling 1-800-435-2261.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

All Consolidated Credit counselors are certified personal financial counselors (CFC) We've helped 5 million people get out of debt! Call us today and see what we can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

The National Industry Standards for Homeownership Education and Counseling are a set of guidelines for quality homeownership and counseling services. Industry professionals who adopt these standards can be trusted to provide consistent, high quality advice.
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Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

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Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Consolidated Credit is proud to be an ANAB accredited member. Accreditation by a recognized and respected body such as ANAB ensures the impartiality and competence of our company. To see what we can do for you, give us a call.

U.S. Department of Housing and Urban Development - HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. Consolidated Credit is proud to be a member of HUD and also part of the Hope Now Alliance.

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